News Headline Summary

US DoE Crude Oil Inventories (Dec 28) W/W -11120K vs. Exp. -1000K (Prev. -586K); biggest weekly drop since Feb 2001

- US DoE Distillate Inventory (Dec 28) W/W 4574K vs. Exp. 1250K (Prev. 2423K)
- US DoE Gasoline Inventories (Dec 28) W/W 2569K vs. Exp. 2200K (Prev. 3782K)
- US DoE Refinery Utilization (Dec 28) W/W 0.10% vs. Exp. 0.50% (Prev. -1.20%)
- US DoE Cushing OK Crude Inventory (Dec 28) W/W 573K (Prev. 2214K); stocks at highest level on record.

Update details:

- This follows yesterdays US API Crude Oil Inventories which came with a much higher draw down than expected of 12032K vs. Prev. -1169K, this was due to Gulf Coast refiners drawing down stocks for end of the year tax purposes.

Reaction details:

- In immediate reaction to this larger than expected draw down on the headline figure WTI crude futures rose from USD 92.77 to USD 93.07.

Print 16:00, 04 Jan 2013 - US Data - Source: Newswires