Crude oil inventories +4740K vs -1700K estimate.

  
Analysis, Crude

Weekly crude oil inventory data from the DOE

Crude oil inventory climbs by 4740K in the current week
  • Crude oil inventories, +4740K vs -1700K est
  • Cushing OK crude inventory, 1266K va 1805K last week
  • Gasoline inventory, 3716K vs -850K estimate
  • Distillate inventory, 768K vs -500K estimate
  • US refinery utilization -0.6% versus +0.5% estimate
  • crude oil implied demand 18466 versus 18936 last week
  • gasoline implied demand 9845.4 versus 9932.6 last week
  • distillates implied demand 5198.3 versus 5293.0 last week
The private data from the API showed a +2400 build but this data is even larger.  THe price of crude oil has moved down to $62.00 from  $62.50 before the report.
The contract is below its 200 hour moving average at $62.34 and is moving toward the 50% retracement of the move up from the May 6 low and $61.93.
crude oil is testing its 50% retracement of the move up from the May 6 level
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