Gasoline stocks down -5.753 MM barrels
The API data is apparently showing crude oil stocks rose a modest 0.519MM barrels. However the DOE data to be released tomorrow was expecting a drawdown of -3.000MM barrels.
Gasoline stocks showed a large drawdown of -5.753MM. They are expected to show a drawdown of -1.000MM tomorrow.
Below is the data brought to the world from our friends at Zerohedge
Gasoline futures advanced and were trading up 3% after the larger than expected drawdown. Crude oil future trade at $52.52. The price extended up to $52.62, that took out the prior high at $52.55, but the momentum could not be sustained.
Gasoline futures moved from from 172.09 to a high of 173.55. The price is currently at 173.40.
The Department of Energy data will be released tomorrow at 10:30 AM ET/1430 GMT.
