DOE inventory data shows crude oil +2.237M vs -2.454M est

Weekly DOE dataA surprise build in the crude oil inventory in the current week with inventories up 2.237M vs -2.454M estimate.
In other inventory data:

  • Gasoline -3.312M vs -1.850M. 
  • Cushing 0.720M vs 0.090M last week
  • Distillates -3.359M vs -1.000M est
  • Refinery Utilization 1.5% vs 0.4% est

The DOE is also reporting that US crude oil output is the highest since 1983. The rig count last week showed that rigs were lower but this data shows that those up are pumping away. 
The build in crude and better than expected drawdown in Gasoline and distillates offsets a bit.
Crude oil is trading at lows for the day at $56.55. The 100 hour MA comes in at $56.03 currently.   The last test of that 100 hour MA attracted buyers (see blue line in the chart below).  

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