Crude oil inventory inventory build up 1.825M versus a drawdown of -2.547M estimate

• Crude oil showed a build of 1.825M versus -2.547M estimate. Private data did show a build of 2.48 million
• Gasoline showed a drawdown of -0.945M versus -0.729M estimate. Private data showed a build of 2.088 million
• Distilates showed a build of 0.379M versus -0.394M estimate . Private data showed a drawdown of -320,000
• Cushing showed a build of 1.325M versus last week’s drawdown of -0.341M. Private data showed a build of 1.77M
• refining utilization 1.3% versus expected 0.5%. Last week +1.9%.
• Crude production 13.1 million barrels versus 13.1 million barrels last week (unchanged)

Mixed data from the weekly inventory release from the EIA.

The price of crude oil is trading at $77.84 that’s up from $77.72 prior to the report

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