US EIA weekly oil inventories -2747K vs -2400K expected

Author: Adam Button | Category: News

Weekly energy inventories from the Department of Energy

  • Prior was -6023K
  • Gasoline +2490 vs +200K expected
  • Distillates -1480K vs -1927K expected
  • Refinery utilization +1.1% vs -0.25% expected

API data released yesterday:

  • Crude +3097K
  • Gasoline -1575K
  • Distillates +2029K
  • Cushing +1216K

These reports are nothing alike. A big reason crude is down 80-cents today is that build from API but the official data is just the opposite. Meanwhile, the draw in gasoline that API reported was a build and distillates were a draw rather than a build.

The initial reaction was higher in crude but it's back down to pre-data levels, near $50.35.