- Crude oil inventory at -9.285 million versus estimate of -0.857 million
- Gasoline inventories -2.347 million versus estimate of +0.068 million.
- Distillates build of 4.046 million versus estimate of a build of 0.975 million.
- Cushing drawdown of -0.298 million versus previous week of a drawdown of -0.365 million
The private data released late yesterday showed a bigger-than-expected drawdown of -3.420 million in crude oil inventories, but not as big as today’s number.
Gasoline stocks were also lower than expectations at -0.691 million, but not as low as the drawdown of -2.347 million from the EIA just released.
Below are the API data released from late yesterday:
The price of crude oil moved to a high of $64.61 shortly after the release, but has since rotated to the downside trading at $64.26 currently. Go figure.
This article was written by Greg Michalowski at investinglive.com.