EIA crude oil inventories fall -1.630M barrels vs -0.500M estimate

• Crude oil inventories -1.630M vs -0.500M est
• Gasoline inventories +0.069M vs +0.240M estimate
• Distillates inventories +0.125M vs +0.551M estimate
• Cushing -1.979M vs -1.704M last week
• refining utilization -0.7% versus expectations of -1.0%. Previously -0.5%

The private inventory data yesterday showed yields of around 2M for crude, gasoline and distillates.

The price of crude oil is trading near the high for the day and pushing back toward the $70.00 level. The high just reached $70.01. The current price is trading at $69.88 or $-1.30 on the day.

Technically, the price is also back above its 100-hour moving average at $69.64. Earlier today, the price traded briefly below its 200-hour moving average at $68.78 on its way today session low at $68.58.

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