EIA weekly US crude oil inventories +3391K vs -1702K expected

• Prior was -3832K
• Gasoline +8977K vs +3565K exp
• Distillates -29K vs +512K exp

That’s a mammoth gasoline build on top of another huge one last week. It will be tough to keep oil prices up with that much product in the system.

Private oil inventories released late yesterday:

• Crude +5270K
• Gasoline +8230K
• Distillates +4340K

Given the private survey, the big build in the official numbers isn’t a huge surprise .That said, earlier oil gains have faded with WTI at $61.69 from a high of $62.10.

This article was written by Adam Button at investinglive.com.