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EIA weekly crude oil inventories -4649K vs -2672K expected

  • Prior was +1357K

Details:

  • Gasoline -1606K vs -933K expected
  • Distillates -3312K vs -215K expected
  • Refinery utilization +0.8% vs +0.3% expected
  • Production mbpd 13.4mbpd vs 13.3mbpd prior

API data late yesterday showed:

  • Crude +347K
  • Gasoline -1043K
  • Distillates -2247K

These numbers are bullish at the margin and oil was already bouncing back today after four days of losses.

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

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