Weekly energy inventories from the EIA
Prior was -12633K
Gasoline -860K vs -2062K expected
Distillates -371K vs +1176K exp
Refinery utilization -2.4% vs +0.25% exp
Production +0.9% w/w
Production 11.0mbpd vs 10.90mbpd prior
Here were the API numbers from yesterday:
Production has doubled in six years.
Oil is slightly higher after dipping to $67.00 and trading at $67.62. Last week, a huge drop in inventories kicked off a rout in crude. Everything is backwards because that's certainly unusual.
