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    US Crude Inventories – Big Miss


    USOil, H1   

    Front month US Oil crude spiked up more than $1/bbl to $45.23 from $44.20 following the EIA inventory data which showed a 3.4 mln bbl fall in crude stocks. The street had been expecting a 0.5 mln bbl increase. Meanwhile, gasoline supplies, seen down 0.5 mln bbls actually fell 1.2 mln bbls, while distillate stocks were down 1.6 mln bbls, versus expectations for a 1.0 mln bbl fall. Refinery usage fell to 89.1% from 89.7%.

    Overall, a very bullish report. USDCAD also fell as expected, having been north of 129.00 today and as high as 1.2935 it is currently trading down at 1.2850.


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    Stuart Cowell

    Market Analyst 


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