Weekly US energy inventories
The 'consensus' was 3887K but API supplies rose just 2900K so the real market expectations is closer to that.
- Gasoline inventories +46K vs -1762K exp
- Cushing supplies +536K
- Distillates -1722K vs -2187K exp
- Refinery utilization -0.80% vs -0.5% exp
That's not a typo, that's a massive build in supplies. Oil instantly down 50-cents and it could stunt the Canadian dollar rally.
It's not just crude supplies but gasoline and distillates so there's really no saving grace for oil here. A new record in total inventories and it's the largest single-week build since March 2001.