Official oil stock data (U.S. Department of Energy's Energy Information Administration's (EIA) Crude Oil Inventories) comes out from the US on Wednesday morning. This is a private survey.
Sometimes the two surveys are even close ... and sometimes not!
The Zero Hedgehogs tweet the result ... a huge drawdown:
Reuters polling had the consensus expectation for US crude stocks to fall 2.9 million barrels on the week ... so at a draw of 8.1 million barrels it's a lot larget than expected
- From the same Reuters survey, expectations for gas and distillates were a build of 1.1 million barrels for each
The oil price popped further on the inventory result, to a fresh high for the session.
