Big draw down on crude oil inventories
The crude oil inventories had a big draw down of -6299 vs -2000K est.
The big miss has crude oil moving higher. The price was trading at $45.75 before the report. The price is trading at $46.30 currently.
In other breakdowns:
- Gasoline inventories had a draw down of -3669K vs -1800K estimate
- Cushing inventories had a draw down of -1334K vs -297K last week.
- Distillates had a draw down of -1850K vs 500K estimate.
Overall, the fall in inventories is a welcome sign for producers and shows the summer holiday's is leading to increased demand.
The price of crude has risen on the report. It trades above the 100 hour MA at $46.21. That will now be eyed as close support.
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