DOE crude oil inventories see draw of -4143K vs -1246K expected. Oil rises. USDCAD continues fall.
Higher draw of crude stocks...
- crude oil inventories see a draw of -4143K vs -1246K expected
- gasoline draw -2271K versus +1000K estimate
- Distillates -2101K vs 500 K estimate
- Cushing -687K vs -955K last week
- US refinery utilization 0.3% versus -0.10% estimate
- crude oil implied demand 19591 versus 18850 last week
- gasoline implied demand 10486.1 versus 9514.3
The surprise drawdown of inventories has helped to push the price of crude up. It was trading down about -$0.30. It is now trading up $0.22 at $66.59.
The rise in crude has also helped to push the USDCAD to the 200 hour MA at 1.29665 as the selling continues.