Crude oil inventories for July 31
- crude oil inventories -7.373M vs -3350M estimate. The drawdown is a little lower than the 8.587 from the private data last night
- gasoline 0.419 million vs. -0.500M estimate
- distillates 1.591M vs 0.986M estimate
- Cushing 0.532M vs 1.309M last week
- crude oil implied demand 18063 vs. 17762 last week
- gasoline implied demand 9386.6 vs. 9250.1 last week
- distillates implied demand 4812.7 vs. 4859.1 last week
- US refinery utilization 0.10% vs. 0.20% estimate. Last week 1.6%
The price of crude oil after a brief dip is back trading near high levels for the day at $43.41. That’s up $1.71 or 4.12%. The high for the day reached $43.52. The 200 day moving average is currently at $43.92. The price of the September contract is not traded above its 200 day