Private crude oil data showed a surprise drawdown of -4270K
crude oil inventories showed a larger than expected build of 3548K. That was much higher than the 482K estimate. The private data released yesterday showed a drawdown of minus 4270K. The numbers for the different break down shows:
- Crude oil inventories 3548K versus 482K estimate
- Gasoline inventories 1203K versus 1320K estimate
- Distillates inventories -1.289K versus minus 1095K estimate
- Cushing OK crude inventories 758K versus minus 961K last week
- US refinery utilization -3.3% versus -0.7% estimate
- Crude oil implied demand 19153 versus 19490 last week
- Gasoline implied demand 9443.0 versus 9471.4 last week
- Distillates implied demand 5285.1 versus 5443.3 last week
The price of crude oil is currently trading down $0.49 or -0.92% at $52.99. The low price just extended to a new session low of $52.87. Early today the price spiked above its 100 hour moving average Yemen's Iran-aligned Houthi movement bombing of facilities belonging to Saudi Aramco in Jizan on the Red Sea. There were apparently no casualties nor damage. The move higher took the price briefly above its 100 hour moving average of $53.99. Stay below that moving average to the bears more in control.
The lower prices are also weakening the CAD. The USDCAD is trading at new session highs and testing the 1.32000 level and the high from yesterday at 1.32051. Earlier today the price moved back above its 100 day moving average at 1.31775 after basing near the lower 100 hour moving average at 1.31621 currently.
