DOE crude oil inventories 2408K vs 3000K estimate

Lower build than expected. WTI price moves up to $62.35.The weekly DOE crude oil inventories showed a build of 2408K vs 3000K build estimate. The private data released yesterday estimated an even greater build of 5661K (see below).  The price of crude oil has moved to a session high of $62.48 on the less than expected build. The low for the day was down at $61.65.
In other releases:

  • Cushing crude inventories showed a draw of -605K vs last weeks -1218K draw
  • Gasoline inventories showed a draw of -788K vs an expected build of 1500K. 
  • Distillates inventories showed a draw of -559K vs -1000K expected.  
  • US refinery utilization 0.20% versus -0.28% expected

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