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US EIA weekly oil storage +4224K vs +1300K expected
Weekly US oil inventory data from the Energy Information Administration: • Prior was +2847K • Gasoline inventories -2102K vs -1000K expected • Prior gasoline -3300K • Distillates +352K vs -1000K expected • Prior distillates -1300K • Refinery utilization +0.8% vs +0.5% exp • Prior refinery utilization +1.1% • US oil production up 0.3% last week to 9.185 mbpd (from 9.160) After the API data showed a 6.3 million build, the market was likely looking for something around 4 million barrels so this shouldn't be as big of a surprise as the headline 'looks'.
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