Private data last night showed a bigger than expected drawdown of crude inventories
The Department of Energy will release their weekly inventory data.
The private API numbers from last night showed:
- crude oil -8.587M vs -3.35M est.
- gasoline -1.748M vs -1.3M estimate
- distillates +3.824M vs +100K est
- Cushing +1.63M
The price of September WTI crude oil futures are up $1.68 or 4.03% at $43.39. The price shot through the 50% retracement of the 2020 move lower at $41.71. The contracts 200 day moving average is at $43.92. The high price today has reached $43.52.
