Crude oil inventories -2.5M vs estimate of +0.114M build

• Crude oil inventories -2.5M versus 0.114M estimate. Last week +4.345M
• gasoline 0.424M vs -1.986M estimate. Last week -0.197M
• Distillates -2.071M vs -1.386M estimate. Last week +0.332M
• Cushing 1.235M vs 1.786M last week
• weekly refinery utilization 0.7% versus 0.0% estimate and 1.1% last week

A surprise drawdown in crude oil inventories has sent the price of crude oil higher. The contract is currently trading at $114.67. The contract settle that $109.27 yesterday.