US weekly private oil inventories rose by 3.3 million barrels, compared with expectations for a 1.4 million barrel decline.

The private survey on US inventories showed the following results:

• Crude: +3.3 million vs. -1.4 million expected
• Gasoline: +0.9 million vs. -1.2 million expected
• Distillates: +0.4 million vs. +0.6 million expected

This is the first bearish surprise on inventories in some time, and it may help cool oil prices further and narrow gasoline cracks. The official government data is due out tomorrow, so traders will be looking to see whether it confirms the same direction as the private survey.

Crude has had a sharp selloff this week as the shooting stopped in Hormuz, and it was down $3.54 to $79.07 on the day.

Oil

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