US crude oil inventories for the week-ending Nov 7:
- Estimates differed with BBG’s survey at +680K and RTRS at +800K
- Crude oil inventories rose 460K last week
- Gasoline inventories +1805K vs -54K exp
- Cushing stocks up 1.7m to 22.53m
The market initially rallied on the headline but crude is lower once again on higher gasoline and Cushing stockpiles.
If oil can’t even rally for 2 minutes on a good headline, it could be headed much lower. Last at $75.26.