US energy inventories and production for the week ending Aug 19
- Prior was -2508K
- The 'consensus' was -850K but after the +4000K build in API data, the consensus was closer to +2000K
- Gasoline inventories +36K vs -1700K exp
- Distillates +122K vs +500K exp
- Cushing +375K vs -300K exp
The gasoline print might be the most bearish part of a bearish inventory report. The caveat is production which showed a 0.6% decline in week-over-week production.
WTI crude oil is down about 50 additional cents since the data and is now down 2.2% on the day to $47.06.
EIA weekly US oil inventories +2501K
EIA weekly US oil inventories +2501K
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