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A round of profit taking has hit oil today after rising to the highs of year yesterday. The selling started after the API private inventory data late yesterday showed:
- 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. The consensus is much more benign but I’m not sure it’s trustworthy given the post-API moves in energy.
- Crude +13K
- Gasoline -1350K
- Distillates -87K
The data is due out at the bottom of the hour. WTI crude oil was last down $1.41 to $82.06.
This article was written by Adam Button at www.forexlive.com.
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