Weekly oil supply data from the EIA • Prior was -2342K • Gasoline +452K vs +600K exp • Distillates -780K vs +950K exp • Cushing +1110K vs -500K exp • Production 8.515mbpd vs 8.494mbpd prior • Production up 0.2% w/w • Production -9.5% y/y • Imports +3.7% w/w The oil gain evaporated on the headlines and WTI is now trading down 30-cents to $42.62 from $43.15 beforehand. It's not looking good for oil. On the production side, the idea was that US production would fall below 8 mbpd this year but that's looking in doubt. (full story)