Gas inventories +22K vs -900K
The US crude oil inventories had a much higher draw of -8945K vs estimate of -3382K. However the private data last night at -9155k gave traders a heads up for a potential bigger than expected draw. The price of crude oil is trading a few cents lower at $47.67 up $0.11
- Gasoline inventories showed an add of 22K vs -900K estimate
- Cushing also had a build of 678K vs 569K last week
- Gasoline demand over the past 4-week 9.75m BPD, down 0.2% from a year ago
- US crude exports rise 877,000 bpd up from 707,000 last week
- US crude production rises to 9.5M bpd from 9.4M last week
A higher than expected drawdown but little market reaction likely due to the private data last night.
