Weekly US crude oil inventories from the DOE
- Crude oil inventories -282K vs -1360K estimate
- Gasoline inventories 2204K vs -800K estimate
- Distillates inventories -1615K versus 750K estimate
- Cushing OK crude inventories -16K vs 1266K last week
- US refinery utilization 1.30% versus 1.00% estimate
- crude oil implied demand 19202 versus 18466 last week
- gasoline implied demand 10110.4 versus 9845.4 last week
- distillates implied demand 5589.7 versus 5098.3 last week
Crude oil traded at $58.75 before the report.
The price is currently trading at $58.35.
The private data last night showed a surprise draw of 5265K in crude oil (see chart below). The less than expected draw (vs that data and estimate of -1360K) has helped to push the price lower.