Have commented on this report for a few weeks now. Although it is released during a quiet time of the day and the release time varies slightly. The past few weeks however it has come out pretty much precisely at 9:30pm GMT (4:30pm EST). The data comes ahead of tomorrow's more important Department of Energy Inventories at 3:30pm GMT (10:30am EST), which is more important. Generally a lower number is good for Crude as it indicates less supply, less supply equals higher price. Here are the numbers:
*API PETROLEUM INVENTORIES: CRUDE: -7.65M V -500KE; GASOLINE: -1.65M V -500KE; DISTILLATE: +220K V -2ME; UTILIZATION: 81.5% V 82.9%E
- Cushing crude inventory: 1.07M to 32.92M barrels
So nearly a 7 million barrel draw on crude inventories below expectations. As the included chart shows, there was a move up heading into the news - perhaps the news got leaked. Still when the news did get released the December Crude Oil Futures Contract continued to move up an additional 20-25 ticks. After 2-3 minutes it pulled back the the 50% retracement of the news spike and headed back up for a 15 tick news afterspike trade.
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