Another drawdown but not as low as the API data
The DOE is reporting inventory data for the current week:
- crude oil inventories so a drawdown of -4948K versus -3750K
- gasoline inventories so a build of 4135K versus 3550K estimate
- US distillates inventory a bill of 4254K versus 2250K estimate
- Cushing crude inventories saw a draw of -2395K versus -2441K last week
- US refinery utilization -1.4% versus -0.5% estimate
- crude oil implied demand 17857 versus 18808 last week
- gasoline implied demand 9618.4 versus 9603.4 last week
The price of crude oil has dipped initially on the data as it was higher than the estimate but much lower than the -11000K number from the API yesterday. Also the other numbers were mixed. However, the fall has been limited. and we are already seeing the price bounce back toward pre-data levels.
