Weekly US oil inventory data from the EIA:
- Prior was +2080K
- Gasoline +1608K vs -1000K expected
- Distialltes -1695K vs -750K expected
- Prior gasoline inventories -110K
- Oil production 8.938 mbpd vs 8.953 mppd last week (down 0.16%)
The API figures released earlier underpinned oil earlier today. They showed a 1100K draw in crude inventories despite a 1.9m barrel build at Cushing. They showed gasoline inventories down 400K and distillates down 1000K.
This is a bit of a shock after API showed a draw. Moreover, the gasoline numbers add to the bearish news (although it's somewhat balanced by the slightly larger distillates draw). The slow in production slowed as well.
Oil bears get a reprieve here but lately bearish oil news has been brushed off and bullish oil news pounced on.
