Crude oil was trading at $53.25 into the report
The private oil inventory data for the current week shows:
- crude oil inventories build of 2.5 million vs. estimate of draw of -1.2 million barrels
- gasoline inventories build of 1.1 million vs. estimate of a build of 2.8 million barrels
- distillates inventories build 800,000 vs. build of 1.2 million estimate
- Cushing draw -4.3 million
The price of crude oil has moved lower in the initial reaction and trades at $53.05. The price was trading near $53.25 ahead of the report.