August WTI crude oil (CLQ23) is up +1.57 (+2.32%), and Aug RBOB gasoline (RBQ23) is up +0.0593 (+2.45%).
Crude oil prices today rallied on a bullish weekly EIA report. The EIA reported that U.S. crude oil inventories fell sharply by -9.603 million bbl in the week ended June 23, which was a much larger drop than expectations of a -1.5 million bbl decline. Also, gasoline inventories rose +603,000 bbls, less than expectations for a +1.0 million bbl rise. Distillate inventories rose by +123,000 bbl, less than expectations of +900,000 bbl.
