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.