EIA weekly oil inventories +5810K vs +2048K expected

• Crude oil inventories +5810vs +2048K exp
• Gasoline inventories –6304K vs -1123K exp
• Distillates inventories -3124K vs -1865K exp
• Refinery utilization -0.9% versus expectations of -0.1% exp

Private oil inventory data from late yesterday:

• Crude +10900K (huge build)
• Gasoline -557K
• Distillates -2590K

WTI crude oil was trading down $1.71 to $71.87 ahead of the release. The moves immediately following the release were minimal but I take this as incrementally bullish given the private reading and the large product draws.

Gasoline stockpiles are at the lowest in a year, but that’s typical as driving season ends.

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