Oil Rallies on Inventory Report

Oil prices were up above $62 a barrel Wednesday after the release of new data from the Department of Energy confirming steeper-than-predicted drawdown in crude and gasoline inventories as reported earlier by the American Petroleum Institute. 

This is huge for emerging markets and supports a rally that is waiting for any sign of western demand to rally even higher.

Here are todays results -which are unmistakably bullish:

DOE Crude: -2.1M vs -1.2M forecast

Gasoline:-4.3M vs -1.2M forecast

Distillate:+672K vs +1ME

Capacity Utilization: 82.8% vs 84.1%E

Distillate Demand: +16K bpd to M bpd

Gasoline Demand: +321K bpd to M bpd