Weekly EIA inventories crude oil +1609K versus -933K expected

<p>Expectations:</p><ul><li>Crude +1609K vs -933K exp</li><li>Gasoline +1764K vs +229K exp</li><li>Distillates +5127K vs -394K exp</li></ul><p>The huge build in distillates is a big surprise and it's certainly welcome given critically-low diesel inventories.</p><p>Late yesterday, the API reported:</p><ul><li>Crude -817K</li><li>Gasoline -898K</li><li>Distillates +2806K</li></ul><p>These numbers are bearish oil, which was already selling off into the data. If OPEC hasn't already made up its mind, this should be a warning to them that the crude market isn't particularly tight.</p><p>Expect a big move tomorrow when the OPEC news is announced.</p>

This article was written by Adam Button at www.forexlive.com.