EIA weekly crude oil inventories -4.870M draw versus expectations of a draw of -0.033M

• Crude oil draw of -4.870M vs expected draw of -0.033M
• Gasoline inventories build of 3.328M vs expected draw of -1.600M
• DIstillates build of 3.454M vs expected draw of -0.833M
• Cushing drawdown of -0.875M vs last week -0.702M draw
• Refining utilization -1.7% versus expected -0.1%. Previous +1.9%

Crude oil is trading at $82.04 up $1.31 after the data.

The private data foreshadowed the sharp fall in inventories for crude, and to some extent the build in distilates. Gasoline build was greater than the private data:

This article was written by Greg Michalowski at www.forexlive.com.