US energy supply data from the Energy Information Administration:
- Prior was -2104K
- The 'consensus' was -1250K
- API inventories showed a 3700K draw
- Gasoline +1369 vs +850K exp
- Distillates -2088K vs +950K exp
- Refinery utilization -2.2% vs -0.5% exp
Market expectations were around -3000K and Bloomberg had the whisper number at -2662K. Refineries are going into maintenance and switchover season, that will swell inventories in the weeks ahead.
It's only a matter of time until oil is dumped onto the market at any price but this is a bullish report in the short term.
