Crude oil inventories +5810vs +2048K expGasoline inventories –6304K vs -1123K expDistillates inventories -3124K vs -1865K expRefinery utilization -0.9% versus expectations of -0.1% exp
Private oil inventory data from late yesterday:
Crude +10900K (huge build)Gasoline -557KDistillates -2590K
WTI crude oil was trading down $1.71 to $71.87 ahead of the release. The moves immediately following the release were minimal but I take this as incrementally bullish given the private reading and the large product draws.
Gasoline stockpiles are at the lowest in a year, but that’s typical as driving season ends.
This article was written by Adam Button at www.forexlive.com.
