EIA weekly US crude oil inventories -1274K vs -1066K expected

  • Weekly US petroleum storage data
pumpjack
  • Prior was -1812K
  • Gasoline +4808K vs +2062K exp
  • Distillates +1712K vs +1178K exp

There was a huge draw in the private data released yesterday, so 'expectations' were for something more-bullish than the consensus.

  • Crude -9300K
  • Gasoline -4800K
  • Distillates +2500K

As a result, we're getting some selling pressure on oil after the data. This is an unusually large divergence.

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