Weekly US oil production and inventory data from the EIA

  • Prior was +6776K
  • Gasoline inventories +3414K vs +500K expected
  • Distillate inventories +3926K vs -1250K expected
  • Cushing -711K vs -2224K prior
  • Production 10251K vs 9919K prior (+3.3%)
  • Yesterday's API numbers

The headline is more-bearish than it looks because of the draw in the API data. And the rest of it is just straight-bearish, especially distillates and the very big jump in production.

Oil is testing $63.00 and the Jan 19 low of $62.85.

US oil production is now greater than Saudi Arabia's.