Crude oil inventories
The crude oil inventories had a surprise build of +4277K vs -1900K. The private API data showed a larger than expected drawdown of -5100 earlier this week.
- Gasoline -2309K vs +400K estimate
- Distillates-5355K vs -1650K estimate
- Cushing -518K vs 936K last week
- refinery utilization -0.8% vs. +0.7% estimate
- crude oil implied demand 15388 vs. 16672 last week
- gasoline implied demand 9472.1 vs. 9051.99 last week
- distillates implied demand 5133 vs. 4833.3 last week
The surprise build in inventories has pushed the price of crude oil futures lower. The price has moved from about $41.94 to $41.43. That is near the closing level from yesterday at $41.45.
The high for the day reached $42.19. The low for the day reached $41.00.
Taking a broader look at the daily chart below, the low today of $41.00 got within $0.14 of the 100 day moving average at $40.86. Going forward should the 100 day moving average be broken, that would tilt the bias a little more back to the downside after the run higher from the early November low. The 200 day moving average comes in at $39.49. That would be a another downside targets for traders (see blue and green lines in the chart below).
