The weekly EIA oil inventory data shows:

  • oil inventories build of 9.382M versus +0.863M estimate
  • gasoline inventories drawdown of -3.649M versus-0.388M estimate
  • distillates drawdown of -2.902M barrels versus -0.515M estimate
  • Cushing saw a build of 0.450M vs last week build of 1.654M

The private data last night showed:

Oil inventories were the biggest surprise rising much higher than expectations and also higher than the private data's surprise 7.8 million barrel increase.

Gasoline inventories saw a bigger than expected  drawdown  but it was less than the private data. The same is true for the distillates.

The price of WTI crude oil is trading up about $1.39 or 1.32% on the day at $101.98.