EIA weekly crude oil inventories +2089K vs +750K expected

  • Prior was +2149
  • Crude oil inventories +2089 K vs +750K exp
  • Gasoline inventories -4407K vs +586K exp
  • Distillates inventories -1394K vs +234K exp
  • Refinery utilization +0.9% versus expectations of +0.6%

Private inventory data released late yesterday:

  • Crude -777K
  • Gasoline +312K
  • Distillates +1136K

WTI crude was trading up 45-cents ahead of the report. Despite the headline, I take this as a bullish report on the large draw in products.

This article was written by Adam Button at www.forexlive.com.

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