DOE inventory data for the week of November 15.
The weekly crude oil inventories came in with a build less than expectations. The build was 1379K vs 1500K estimate. That was also lower than the private inventory data released last night at 5954K build.
- Crude oil inventories 1379K versus 1500K. Last week 2219K
- Cushing OK crude inventories -2295K versus -1229K last week
- gasoline inventories 1756K versus 750K estimate. Last week 1861K
- distillates -974K versus -1000K. Last week -2477K
- US refinery utilization 1.7% versus 1.00% estimate
- crude oil implied demand 18575 versus 18233 last week
- gasoline implied demand 10081.3 versus 10134.7 last week
- distillates implied demand 5578.1 versus 5628.9 last week/
The private inventory data released last night showed:
The price of crude oil has moved higher after the lower than expected build. The price currently trades at the high for the day at $56.12. The lower earlier in the day extended down to $55.16.