Why are oil prices up today? June 9

[dan_s]

NEW YORK (Reuters) - Crude oil prices jumped 3 percent or more on Tuesday, and gasoline and diesel rose as much, as bulls ramped up bets across the oil complex for another weekly drop in U.S. stockpiles. U.S. crude inventories likely fell for a sixth straight week in the week ended June 5, data from industry group American Petroleum Institute (API) is expected to show later on Tuesday before official numbers on Wednesday from the government's Energy Information Administration (EIA).

A Reuters poll of five analysts forecast on average that crude stocks fell 1.7 million barrels last week.

[setliff]

stolen from IV bd----------

API crude inventories reported (6.7M) barrels vs StreetAccount consensus (1.57M)
Tuesday, June 09, 2015 08:37:56 PM (GMT)

Gasoline inventories reported (3.9M) barrels vs StreetAccount +0.07M
Distillate inventories reported +0.04M barrels vs StreetAccount +0.97M


very bullish if eia confirms.

[dan_s]

If that big drop is confirmed tomorrow morning by EIA we could see a big jump in crude oil prices! In after hours trading, WTI jumped over $0.50/bbl when the API number came out. WTI now at $60.50/bbl.

[setliff]

eia confirmed the api numbers---crude down by 6.8mb; gasoline down by 2.9mb; distillates up by 0.9mb