Crude oil inventory +2.01 million versus -1.052 million estimateGasolineĀ inventories +0.765 million versus -1.5 .7 million estimate.Distillates +1.395 million versus +0.738 million estimate.
Surprise build in the oil inventory data for the current week versus expectations, but the private data last night also showed a surprise build of 2.603M for crude and a build up 1.75 million for distilates.
The price of crude oil is trading at $87.07. That is still up $2.70 on the day. However, the price is off the high price of $88.61. Support is at the 50% midpoint of the move down from the May 18 high.
This article was written by Greg Michalowski at investinglive.com.