Weekly US energy inventories
Highlights:
- Prior crude -2732K
- Gasoline -2090K vs -400K expected
- Distillates -2063K vs +1400K expected
The API report released late yesterday showed a massive drawdown in US oil inventories.
- Crude -11,000K
- Gasoline -349K
- Distillates -2500K
- Cushing -2370K
The numbers in the official report were just as bullish as the API data. The headlines on oil and distillates weren't quite as dramatic as API but the gasoline draw was larger.
WTI had mostly factored in the large draw but ticked to a fresh high of $56.75 on the headlines.
