EIA weekly oil inventories -1255K vs +1000K expected

Weekly oil inventory and production data from the EIA:

• Prior was +5274K


• Gasoline +2317K vs +900K exp


• Distillates +327K vs -1000K

Reminder, the OPEC decision goes down at this time next week.

What API reported:

• Crude -1280K


• Gasoline +2580K


• Distillates -350K

Other:

• Oil imports -845K


• Production +0.1% w/w


• Production -5.7% y/y

There were surprise draws on the gulf coast and west coast.

WTI has been catapulted higher by the Iraq comment and these headlines. WTI is now up 35-cents to $48.37 compared to $47.50 an hour ago. The rally in oil is giving stocks a lift and has taken the Dow to a third consecutive day of record highs.

EIA weekly oil inventories -1255K vs +1000K expected
EIA weekly oil inventories -1255K vs +1000K expected
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