EIA weekly US oil inventories -1844K vs -605K expected

• Crude oil inventories -1844 K vs -605K exp
• Gasoline inventories +3314K vs -46K exp
• Distillates inventories +416K vs -103K exp
• Refinery utilization +0.3% versus expectations of +0.4% exp
• Production 13.49mbpd from 13.2mbpd

Private oil inventory data from late yesterday:

• Crude -5939K
• Gasoline +1814K
• Distillates +2543K

WTI crude oil was trading 10-cents higher to $68.87 before the data. Note that the OPEC decision is due on Sunday. They’re expected to rollover production through January and perhaps all the way through Q1.

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