Weekly petroleum inventories:
- Prior was -4982K
- Gasoline -724K vs +150K expected
- Distillates +5495K vs +2500K expected
- Cushing -3395K vs -5587K prior
That's a big build but it was largely foreshadowed by the API report late yesterday. Oil is under some modest pressure and down 37-cents on the day to $32.44.
API numbers from late yesterday:
- Crude +8731K
- Cushing -3370K
- Gasoline +1120K
- Distillates +6907K
Here is a look at the oil chart, which is fading ahead of resistance at $36.35.
