DOE crude oil inventories -2.101M versus 1.398M estimate

The weekly EIA energy inventory levels

  • Crude oil -2.101M versus estimate of 1.398M. Last week crude inventories rose 1.0M
  • Gasoline -0.132M versus estimate of -0.575M. Last week gasoline inventories felt -0.122M
  • Distillates -0.824M versus estimate of -1.229M. Last week distillates fell -2.613M
  • Cushing 0.216M versus last week -0.034M.
  • Refining utilization 1.200% versus expected 0.7%
  • crude oil production 11.4M barrels versus 11.5M last week
The private data released late yesterday showed:
  • Crude oil, build of 0.655M
  • Gasoline, draw of -2.792M
  • Distillates, build of 0.107M
  • Cushing, draw of -0.491M
The crude oil drawdown is a surprise given the expectations and the private data
The price of crude oil was trading down one dollar at $79.83 (December).  The price is currently trading at $79.89.
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