US oil inventory data:
- Prior was -4856K
- Gasoline +5405K vs +2561K expected
- Distillates +4118K vs +1950K expected
- Refinery utilization -1.3% vs +1.0% exp
- Production 12.8 mbpd vs 12.9 mbpd prior
- Imports +15%
- Exports +8.5%
API numbers late yesterday:
- Oil +1410K
- Cushing +3530K
- Gasoline +4920K vs +1950K expected
- Distillates +3240K
Oil is down on the headlines. The API numbers foreshadowed some of the inventory build but certainly not all of it. WTI to $58.78 from $59.15 before the data.
Update: Crude prices are continuing to slide.
