Weekly supply data from the Energy Information Administration: • Prior was +234K • The API report showed a 4.6m barrel build • Gasoline +4563K vs 1900K exp • Distillates -1025K vs +800K exp • Production 9.235mbpd up 0.008% • Production up 0.5% y/y There has been a focus on the massive swells in gasoline and distillate inventories for the past two weeks. The big build in gasoline will likely outweigh the surprise drawdown in crude but I also think there may be bottom-pickers in oil who were waiting until after this report to jump in. (full story)