EIA weekly crude oil inventies -3341K vs -956K expected

• Prior was +1448K

• Gasoline -1446K vs -1830K expected
• Distillates -421K vs -1568K expected
• Refinery utilization +0.1% vs +0.5% expected

WTI crude oil was up 99-cents ahead of this report and just below $70/barrel.

This report is good news on the surface but I think yesterday’s EIA data raised expectations. It showed:

• Crude -4600K
• Gasoline -3300K
• Distillates -1300K

This article was written by Adam Button at www.forexlive.com.