DOE crude oil inventories come in at -4609K vs -3750K estimate

Weekly inventory data from the DOE

• Crude oil inventories -4609K versus -3750K estimate
• US gasoline inventories +591K vs +1350K estimate
• Cushing -1584K vs 754K last week.
• distillates inventory 1090K vs 0K estimate
• US refinery utilization 1.60% vs -0.05% estimate

The price of crude oil has spiked higher but has since come back down and trades near unchanged on the day at $59.58. The high to low trading range extended up to $59.72 and down to $59.44.