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.