EIA weekly crude oil inventories +2089K vs +750K expected

• Prior was +2149
• Crude oil inventories +2089 K vs +750K exp
• Gasoline inventories -4407K vs +586K exp
• Distillates inventories -1394K vs +234K exp
• Refinery utilization +0.9% versus expectations of +0.6%

Private inventory data released late yesterday:

• Crude -777K
• Gasoline +312K
• Distillates +1136K

WTI crude was trading up 45-cents ahead of the report. Despite the headline, I take this as a bullish report on the large draw in products.

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