Larger than expected drawdown

  • Crude oil inventories -4617K vs +2000K estimate
  • Cushing OK crude inventories 3666K vs 1804K last week
  • Gasoline -1116K vs -1500K estimate
  • Distillates 537K vs -1300K estimate

Losses in the crude oil contract have been pared after the report. WTI is still down-$0.84 at $62.67. The low reached $62.06. The high extended to $63.64 earlier in the trading day.