Weekly EIA US crude oil inventories +867K vs +2000K expected

Weekly US supply and production data

• Prior oil was +4954K


• Gasoline -3747K vs -2000K exp


• Distillate -2483K vs -1200K exp


• Cushing -220K vs +1000K exp


• Production +0.2% w/w to 9.147 mbpd

Yesterday, the API reported:

WTI crude was trading at $48.60 just before the release but jumped to $48.80 as the headlines hit. Then it stretched to $49.12 afterwards.

The story here is the big draw in products.

Weekly EIA US crude oil inventories +867K vs +2000K expected
Weekly EIA US crude oil inventories +867K vs +2000K expected
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