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Oil – private survey of inventory shows a large drawdown

  • Crude draw -2980K barrels
  • Prior was +3524K
  • Gasoline -236K
  • Distillates-974K

Expectations were:

  • Headline crude +1205K
  • Distillates -1933K
  • Gasoline -809K

This has been an unusually calm hurricane season and that’s prevented the usual distortions but Tropical Storm Melissa just spun up in the southern caribbean and that could be notable next week.

  • This data point is from a privately-conducted survey of oil storage facilities and companies while the official report is due Wednesday morning US time, and continues to be published despite the US government shutdown.

This article was written by Adam Button at investinglive.com.

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