- Crude Oil Inventories +2.01M vs. -1.052M estimate
- Gasoline Inventories +0.765 million vs. -1.5.7 million estimate.
- Distillate +1.395 million vs. +0.738 million estimate.
This week’s oil inventory data surprises expectations, but last night’s data also showed a surprise increase of 2.603 million for crude oil and an increase of 1.75 million for derivatives.
The price of crude oil is trading at $87.07. That’s still up $2.70 per day. However, the price is lower than the high price of $88.61. Support is located at the 50% midpoint of the downward move from the May 18 high.
