Weekly crude oil inventories -9.285M versus estimate of -0.857 million

• Crude oil inventory at -9.285 million versus estimate of -0.857 million
• Gasoline inventories -2.347 million versus estimate of +0.068 million.
• Distillates build of 4.046 million versus estimate of a build of 0.975 million.
• Cushing drawdown of -0.298 million versus previous week of a drawdown of -0.365 million

The private data released late yesterday showed a bigger-than-expected drawdown of -3.420 million in crude oil inventories, but not as big as today’s number.

Gasoline stocks were also lower than expectations at -0.691 million, but not as low as the drawdown of -2.347 million from the EIA just released.

Below are the API data released from late yesterday:

The price of crude oil moved to a high of $64.61 shortly after the release, but has since rotated to the downside trading at $64.26 currently. Go figure.

This article was written by Greg Michalowski at investinglive.com.