EIA crude oil inventories for September 22 week -2.170M versus -0.320M estimate

<ul><li>Crude oil inventory draw of -2.170M vs -0.320M estimate. The private report showed a draw of -1.6 million barrels.</li><li>Distillates build of 0.398M vs -1.298M estimate. The private report showed a drawdown of -1.7 million barrels.</li><li>Gasoline build of 1.027M vs -0.120M estimate</li><li>Refining capacity -2.4% versus -0.4% expected</li><li>Cushing inventories -0.943M versus -2.064M last week</li><li>production unchanged at 12.9 million barrels</li></ul><p>Crude oil was trading at $92.61 just before the release. The price is little changed post the data.</p><p>Looking at the chart of the inventory data going back to February, the drawdowns have been much larger indicative of strong demand.</p>

This article was written by Greg Michalowski at www.forexlive.com.