Oil data is out and the numbers show a much bigger draw (drop) in crude than expected. There were, however, some twists to the report. CNBC’s Sharon Epperson has details.
Crude initially shot up right after the report came out, then went lower. Gasoline moved lower after the energy dept reported a much bigger than expected build in the gasoline supplies.
Here are the highlights:
- Crude supplies down 6.3 million barrels
- Gas inventories up 1.0 million barrels
- Distillate stocks up 1.2 million barrels
- Refinery runs up 1.6% to 90.7% capacity – well above the 5 year average.
Energy analyst Bob Morris of Banc of America Securities( the investment banking subsidiary of Bank of America) feels the numbers are basically a wash. He said “ It’s neutral to maybe slightly bearish. You had a big draw on crude oil inventories – but if you look at imports they were way down as compared to prior weeks, but I think that was delayed shipments coming into the Gulf coast because of the fog last week and into this week."
Sharon Epperson added, with the warm weather in much of the nation there’s concern that consumers might not draw down supplies, with potentially more builds ahead.