DOE oil inventory data for the week of July 17, 2020
- Crude oil inventory showed a build of 4.892M vs. a draw of -2.2M estimate
- Gasoline inventory showed a draw of -1.802M vs expectations of -1.5M
- Distillates inventory build of 1.074M vs expectations of 0.5M
- Cushing OK crude inventory build of 1.375M vs last week’s build of 0.949M
- Crude oil implied demand 16342 vs. 17673 last week
- Gasoline implied demand 9029.7 vs. 9248.4 last week
- Distillates implied demand 4661.6 vs. 5023.7 last week
NOTE….the private data last night surprised with a 7.544 million barrels build in inventories. That helped to push the price of crude oil lower on the day.
The price of the September contract just prior to the release was trading at $41.38. The price is currently trading at $41.47