US crude oil inventory data for the week ending May 29:
- API showed a build of 1.8m barrels
- Prior was -2.8m barrels
- Gasoline stockpiles -334K vs +11K exp
- Distillates +3773K vs +1277K exp
- Refinery utilization -0.4% vs +0.69% exp
This report is more bullish than the headline suggests. Oil slumped on the API data but it proved to be unfounded. API had been doing a masterful job of predicting this report but it's much tougher at this time of year as inventories begin to reverse.
