Economic Data: Crude Inventories

The Department of Energy said that crude oil inventories had a draw of just 81k versus expectations of a draw of 1300k. However gasoline had a huge draw of 3525k versus the consensus of a build of 350k. It’s hard to say what the markets will do off of these numbers, but that gasoline number isn’t good news for those who want to see lower prices at the pump. Chances are crude could bounce a bit here after a sharp selloff. Keep in mind that crude and gasoline are very volatile after these numbers and often act counter-intuitively to the data.