WTI bulls jumping the gun or more upside to come ahead of API?

• WTI up above 2.5 year highs.
• No real signs of a catalyst though.

While we await weekly updates from the U.S. government on crude supplies and production, WTI is claiming higher grounds on Tuesday, rallying from a low of $61.75 to a high of $62.80, currently consolidating at the time of writing at $62.59 after hitting the highest level since Nov 2014. 

Awaiting data

Several weeks of poor supply levels and the ongoing concerns over Iran and OPEC production curbing have been fuelling the upside. The move appears to be technical with traders piling in above $62.20 resistance. The weekly decline in the number of U.S. drilling rigs in recent data was the catalyst for Monday's higher pricing while today, we will be looking to API’s Weekly Statistical Bulletin. On a disappointment though, perhaps a fast correction could be the result without there being any real clear fundamentals behind the move today? 

WTI technically bullish

Technically, the price looks stable above the ascending 100 SMA on the hourly sticks at $61.67bbls, and4-hr RSI is picking up its upside trajectory. The 10 sma is crossing back up through the 21 sma on the same time frame. The daily picture is more positive with momentum and RSI in bullish territory.