Distillate Inventories Rise Less-Than-Expected

- Summary of Weekly Petroleum Data for the Week Ending June 17, 2005.
- The EIA reported crude oil inventories fell 1.58M barrels versus estimates of a 2.0M barrel decline. Gasoline inventories rose 197K barrels versus estimates of a 50K barrel rise. Distillate inventories rose 1.37M barrels versus estimates of a 2.0M barrel build.

BOTTOM LINE: I would expect crude to head modestly lower later in the day on this mostly “at-expectations” report.