Results of the private survey:
- Crude +3.3m vs -1.4m exp
- Gasoline +0.9m vs -1.2m exp
- Distillates +0.4m vs +0.6m exp
This is the first bearish surprise we’ve had on inventories in awhile and it might help to cool oil prices further and narrow gasoline cracks. The official data is due out tomorrow.
Crude has taken an absolute beating this week as the shooting stopped in Hormuz and was down $3.54 to $79.07 today.
This article was written by Adam Button at investinglive.com.
SOURCE LINK : US weekly private oil inventories +3.3m vs -1.4m expected
