Prior week draw -6299
The API data last night showed a larger than expected draw of -8133K. So this draw is much bigger than the estimate but it mirrors the draw from the API data.
In the other data:
- Cushing OK crude -1948K vs -1334K last week
- Gasoline -1647K vs -534K est
- Distillates rose 3131K vs 900k est.
In addition to the data, is there is a headline that OPEC has scheduled an extraordinary meeting on July 17th. There is no further details.
The price of Crude oil traded up to $46.48 but is back down to $46.23 currently. The low for the day came in at $45.61. The 200 hour MA is at $45.53. Stay above keeps the buyers more in control (green line in the chart below).
