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EIA weekly US oil inventories -1882K vs +3000K expected
Energy supply and production data from the EIA • Prior was -6200K • Gasoline inventories +2027K vs +500K exp • Distillate inventories -1915K vs +500K exp • Refinery utilization -1.9% vs +0.75% exp • Production -0.2% w/w • Production down to 8.497m from 8.512m Good news for oil. The gasoline build is a minor negative but it's covered by the distillate drop. However, API had shown a 3700K draw in gasoline so perhaps the market was caught off guard. WTI immediately up to $45.70 from $45.30 beforehand. However, the gain was quickly erased. Gasoline is falling and the market may be more focused on OPEC. The ... (full story)
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