Weekly inventory data from the DOE
- The price of crude oil was trading at $66.14 prior to the report
- Crude oil inventory 5479K vs 1000K est
- Gasoline inventory -2129K vs -1822k est
- Distilates -662K vs -900K est.
- Cushing 463K vs -1543K last week
- US refinery utilization 2.40% vs 0.80% estimate
- crude oil implied demand 18566 versus 18291 last week
- gasoline implied demand 9955.3 versus 10019.0 last week
- Distilates implied demand 5403.6 versus 5012.7
Crude oil inventories surprised to the upside with a build up 5479K versus 1000K estimate. Although much higher than the survey data, the private API report last night showed an even higher build of 6.9M barrels.
The price of crude oil currently trades at 66.20, $-.10 or -0.15%.
