EIA weekly crude oil inventories -1952K vs +13K expected

• Crude -1952K vs +13K expected
• Gasoline -3310K vs -1350K expected
• Distillates +624K vs -87K expected
• Production 13.1 mbpd vs 13.1 mbpd prior
• Refinery utilization +1.0% vs +0.9% expected

API inventories released late yesterday:

• Crude -1519K
• Gasoline -1574K
• Distillates +512K
• Cushing +325K

There was some chatter yesterday of a 6 million barrel crude oil draw but that’s cooled to 3-4 million following API. WTI crude oil was trading down $1.62 to $81.85 before the release and has gained a few cents since.

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