DOE inventory data for the week of December 13
- crude oil -1085K vs -1750K estimate
- gasoline 2529K vs 2000K estimate
- distillates 1509K vs -400K estimate
- Cushing OK crude inventory -265K vs -3393 K last week
- US refinery utilization 0.0% versus 0.8% estimate
- crude oil implied demand 19534 versus 19570 last week
- gasoline implied demand 10001.9 vs 9798.4 last week
- distillates implied demand 5034.4 vs 4801.7 last week.
Although the crude oil inventory drawdown levels were lower than the estimates, the private data yesterday showed a surprise 4700 build in crude oil. The gasoline and distillates builds were also greater than the DOE levels.
The price of crude oil as a result has moved higher and is trading above the $61 level at $61.02. The high price reached $61.12 on the spike to the upside
