Weekly US EIA crude inventories 0.833M build vs build of 0.987M estimate

The weekly oil inventories data shows:

• Crude oil 0.833M vs 0.987M estimate
• Gasoline + 2.310M vs -0.109M estimate
• Distilates 2.308M vs 0.313M estimate

Other details:

• Cushing -1.704M vs -1.142M last week
• refining utilization w/e -0.5% versus expected -0.7%.
• Crude production 13.3M vs 13.3M previous week

Crude oil was trading at $66.69 just before the release. The price is currently trading lower at $65.93.

The private data released late yesterday forecast a larger than expected drawdown of -2.79M

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