EIA weekly crude oil inventories +5474K vs +270K expected

• Crude oil inventories +5474K vs +270K exp
• Gasoline inventories +878K vs -1212K exp
• Distillates inventories -1140K vs -1679K exp
• Refinery utilization +1.8% versus expectations of -0.3%

Oil was in the midst of a nice intraday bounce before this data but there has been some selling since.

Private oil inventories released late yesterday:

• Crude +1643K
• Gasoline -2019K
• Distillates -1478K

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