The weekly oil inventories data shows:
Crude oil 0.833M vs 0.987M estimateGasoline + 2.310M vs -0.109M estimateDistilates 2.308M vs 0.313M estimate
Other details:
Cushing -1.704M vs -1.142M last weekrefining utilization w/e -0.5% versus expected -0.7%.Crude production 13.3M vs 13.3M previous week
Crude oil was trading at $66.69 just before the release. The price is currently trading lower at $65.93.
The private data released late yesterday forecast a larger than expected drawdown of -2.79M
This article was written by Greg Michalowski at www.forexlive.com.
