EIA oil inventory data shows a +9.382M build vs +0.863M estimate

The weekly EIA oil inventory data shows:

• oil inventories build of 9.382M versus +0.863M estimate
• gasoline inventories drawdown of -3.649M versus-0.388M estimate
• distillates drawdown of -2.902M barrels versus -0.515M estimate
• Cushing saw a build of 0.450M vs last week build of 1.654M

The private data last night showed:

• crude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Term +7.8 million barrels
• gasoline -5.1 million barrels
• distillates -5.0 million barrels
• Cushing +0.4 million

Oil inventories were the biggest surprise rising much higher than expectations and also higher than the private data's surprise 7.8 million barrel increase.

Gasoline inventories saw a bigger than expected drawdown Drawdown In financial trading, the drawdown represents the amount of money a trader can lose or has lost, following a series of losing trades. This is measured from the high of the trader’s capital to its low, over a given period of time. This is usually expressed as a percentage of a trader’s account. The current drawdown is simply the amount of money a trader’s balance has been reduced by in a given time, without necessarily closing out at that point.For example, if a trader placed an initial deposit o In financial trading, the drawdown represents the amount of money a trader can lose or has lost, following a series of losing trades. This is measured from the high of the trader’s capital to its low, over a given period of time. This is usually expressed as a percentage of a trader’s account. The current drawdown is simply the amount of money a trader’s balance has been reduced by in a given time, without necessarily closing out at that point.For example, if a trader placed an initial deposit o Read this Term but it was less than the private data. The same is true for the distillates.

The price of WTI crude oil is trading up about $1.39 or 1.32% on the day at $101.98.