EIA weekly crude oil inventories -2547K vs -2200K expected

This data was delayed because of the US holiday yesterday. WTI crude oil was trading 60-cents higher ahead of the release.

The consensus is:

• Prior was +3730K
• Gasoline -2280K vs +620K expected
• Distillates -1726K vs +261K expected
• Production unchanged at 13.2 mbpd
• Refinery utilization -1.5% vs +0.1% expected

Tuesday’s API reading was surprisingly bearish, though the market has shaken it off:

• Crude +2264K
• Gasoline -1077K
• Distillates +538K

I think there was some front-running of this data point, so while it’s bullish, I don’t know if will be enough to counteract some profit taking.

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