Crude oil inventories for December 4 week 15.189M vs -1.035M estimate

Department of Energy inventory data for the week of December 4, 2020

• Crude oil inventories surprise build of 15.189M vs. draw of -1.035M estimate
• Gasoline inventories build 4.221M vs 2.000M estimate
• Distillates inventories build 5.222M vs 0.900M estimate
• OK Cushing crude inventories draw -1.364M vs -0.317M last week

Huge builds in the crude, gasoline and distillates. The price of crude oil is trading down $0.05 or -0.09% at $45.57. The high for the day reached $46.24. The low extended to $45.33.

Crude inventories and Gulf Coast rose by 11.8 million. That is the most on record.