Crude oil inventories for the current week 7.459M vs 3.200M estimate

Department of Energy weekly inventory data

  • Crude oil 7.459M vs 3.2M estimate. The private data came in stronger at 6.0M last night
  • Cushing OK crude inventory 1.668K versus 1.068K last week
  • gasoline inventories -0.095M vs 0.650M estimate.  Private data came in at 1.1M
  • distillates inventory -2.013M vs -0.75M estimate.  Private data came in at -2.3M.
  • Refinery utilization 0.6% versus -0.4% estimate
  • crude oil implied demand 18912 versus 19036 last week
  • gasoline implied demand 9343.6 versus 9918.9 last week
  • distillates implied demand 5226.6 versus 5386.0 last week
The price of crude oil has dipped a little but still remains up $1.50 or 2.96% at $51.42