US weekly crude oil inventories -5890K vs -2700K expected

Weekly US oil inventory data

  • Prior was 3522K
  • Gasoline +309K vs +900K expected
  • Distillates -2083K vs +1000K expected
  • Cushing +346K vs -735K prior
API data released late yesterday:
  • Crude -3608K
  • Cushing +917K
  • Gasoline +5565K
  • Distillates -3006K
This is a bullish report and oil is challenging to top end of the recent range. It’s quickly up to $62.03, a 50-cent rise.