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US weekly oil inventories -2563K vs -1500K expected
Weekly oil supply data from the US Department of Energy • Prior was -2389K • Gasoline +1223K • Distillates -762K • Production +1.1% w/w • Production -4.1% y/y •Here are the expectations: • Oil -1500K • Gasoline +1000K • Distillates +2000K • Cushing +1000K API (released late yesterday) • Crude +4680K • Gasoline +3910K • Distillates +233K This is a big surprise. After the huge build in the API numbers, the market priced in a build and is not caught on the wrong foot. The kneejerk reaction was a 70-cent rise in WTI but that was quickly halved.
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- Dec 14, 2016 10:33am Dec 14, 2016 10:33am
- Tony112
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