Gasoline build 261K vs 1350K estimate
The weekly inventory data is showing a surprise draw of -1616K vs +2900K build estiamate.
The API private estimate from yesterday showed a -907K draw as well.
- Gasoline 261K vs 1350K estimate
- Cushiing -2664K vs -3642K last week
- Distillates -2422K vs -1200K estimate
- US refinery utilization -1.7% vs -0.80% estimate
The API data had the following numbers yesterday:
The price of crude oil was trading at $61.59 before the report. The current price is trading above $62.00 at $62.14. Technically, the price is moving away from its 100 hour MA at $61.72. Earlier, the 200 hour MA held support and started the run higher. Stay above the 100 hour MA keeps the buyers in control.
