US crude oil inventories for the current week -4.471M versus -1.354M estimate

• Crude oil inventories -4.471M vs -1.354M estimate.
• Gasoline inventories -1.538M vs -0.021M estimate
• Distillates inventories -2.227M vs -1.637M estimate
• Cushing +0.116M vs last week -1.979M

ALthough the inventory data is showing a larger drawdown, the private API data yesterday was a precursor to today’s results. The API estimated inventories of crude oil-4.339M close to the above EIA data. The gasoline inventories from API shown a Jordana -3.438M and distillates a drawdown of -1.115M.

Crude oil is trading at $70.50. That’s down $1.06 or -1.47%. The low for the day reached $69.89. The high was at $71.69.

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