Thursday, January 19, 2012

API Crude Oil Inventories - big draw down lead to spike higher

This wednesday night at 21:30 GMT (16:30 EST) the Inventory figures for Crude Oil, Distillates and Gasoline were released by the American Petroleum Institute (API). There was a big negative deviation which means supply is lower and thus the Crude Oil Future spiked higher at first about 30 ticks and then continued about an 90 minutes later. Here the figures:

API U.S. Crude Oil Inventories
Actual: -4809k Prior: +397k
API U.S. Cushing Crude OK Inventory
Actual: -819k Prior: -173k
API U.S. Distillate Inventory
Actual: -900k Prior: +846k
API U.S. Gasoline Inventories
Actual: +4309k Prior: +1892k

This sets up tomorrow's DOE numbers to come out with another big draw and could lend further upward buying flows to Crude. Here is the 1 minute chart of the move:

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