EIA US weekly oil inventories -2435K vs -1300K expected

Weekly oil inventories and production

  • Prior was +856K
  • Gasoline inventories -4020K vs -1550K exp
  • Prior gasoline inventories -1550K
  • Distillate inventories -320K vs -2500K exp
  • Prior distillates -5246K
  • Production +0.5% w/w
  • Production 9.553mbpd vs 9.507mbpd prior

That bump in production is a bit bearish for crude. The draws in oil and gasoline are balanced by the small draw in distillates.

Yesterday’s API data showed a big draw in crude and gasoline.

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