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