US weekly oil inventories +5022K vs +2500K expected

Weekly oil inventory and production data from the EIA

  • Prior was 2408K
  • Gasoline -6271K vs -1100K exp
  • Distillate -4360K vs -1700K exp
  • Cushing +338K
  • Refinery utilization +2.0% vs -0.3% exp

Production

  • +0.1% w/w
  • Production to 10.381 mbpd vs 10.369 mbpd prior
  • Production up 14.0% y/y

API numbers yesterday:

  • Crude +1156K
  • Gasoline -1262K
  • Distillates -4258K
  • Cushing -156K

No big move from crude in the immediate aftermath as it chops in the $60.50 to $61.00 range.

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