Weekly energy supply data from the EIA • Prior was 2784K • Cushing +1520K • Gasoline -1231K vs -500K expected • Distillates -1647K vs -1000K expected • Refinery utilization -0.6% • Oil production -0.3% w/w • Production at 8.802 mbpd vs 8.825 mbpd last week (down 23K bpd) • Production down 6.1% y/y Massive miss. The market was looking for a build of around 3m barrels yet it was a draw. You'd have to think the API models screwed up somehow because of the Alberta fires. Here was the Stockpile data for oil via API's weekly survey: • Crude build of 3.45 mln barrels • Cushing build 1.46mln barrels • Gasoline +271K barrels ... (full story)