Crude oil inventories show a bigger build at 3633K versus 2400K

The DOE crude oil inventories showed a higher than expected build in the current week.

  • crude oil, 3633K vs 2400K estimate
  • Cushing, -1016K vs 1441K last week
  • gasoline, 408K vs 1400K estimate
  • distillates, 1187K versus -1500K estimate
  • refinery utilization -4.8% versus -0.7% estimate
  • US crude oil implied demand 17591 vs 18866 last week
  • gasoline implied demand 9606.6 vs 9968 last week

The private numbers released yesterday showed a surprse drawdown of crude oil inventories:

The current price of crude oil is trading at $54.18. The price moved to a low of $53.93 on the larger build, but has rebounded back toward the levels seen just before the release (at $54.27 now).

Private report of crude oil inventories showed a surprise drawdown late yesterday