Private survey inventory shows a headline crude oil draw smaller than expected

A private oil inventory survey suggests U.S. crude stocks fell less than expected ahead of the official government inventory report due tomorrow morning. The market had been looking for a 2.7 million barrel crude draw, along with a 1 million barrel build in distillates and a 0.6 million barrel build in gasoline. Because the headline crude draw was smaller than expected, the data may be modestly bearish for oil prices in the very short term, as it implies tighter supply conditions were not as strong as traders anticipated. The report is limited to pre-government survey data, so the market impact will likely depend on the official Energy Information Administration figures and how they compare with expectations.