Crude Oil Storage Report - July 1

[dan_s]

July 1, 2015

CRUDE OIL INVENTORY/’000 bbls (Week Ended 6/26/15)

Current: 465,379
Actual Build/(Withdrawal): 2,386
Economist Average Estimate: (1,782)
Previous: 462,993

This build was not expected, but it is probably due to refiners bringing in more seaborne oil ahead of the holiday weekend. WTI dropped about 50 cents when the report came out, but the price has stabilized after a bounce off $57.75.
This may just be a correction of last week's report, which was a much larger draw then we were expecting.