Gasoline Inventories Soar

- The EIA reported that crude oil inventories fell 322,000 barrels versus estimates of a rise of 1M barrels. Gasoline inventories rose 3.47M barrels versus estimates of a decline of 250,000 barrels. Distillate inventories rose 820,000 barrels versus estimates of a 500,000 barrel decline.

BOTTOM LINE: Oil is moving higher on the report as traders focus on Hurricane Rita and ignore the gas build.