Weekly oil inventory data from the EIA
- Prior was +2170K
- Gasoline +1171K vs -500K expected
- Distillates -3900K vs -1500K expected
- Refinery utilization vs +0.45% expected
- Production +0.3% w/w
- Production 10.619 mbpd vs 10.586 mbpd prior
API data late yesterday:
- Crude +3427K
- Gasoline +1602
- Distillates -4083K
- Cushing +725K
That's a big build in crude and the drop in distillate stocks doesn't do much to mitigate it. The initial reaction in WTI has been muted, which surprises me a bit.
