Weekly crude oil inventory data from the DOE
- 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.