Weekly crude oil inventories from the Energy Information Administration:
- Prior was -1925K
- The API report showed a surprise build of 4600K barrels
- Gasoline -1068K vs -350K expected
- Distillate -267K vs -800K expected
- Refinery utilization -1.1% vs -0.45% exp
The API report led to some oil selling late yesterday but crude has caught a bid alongside the improvement in risk appetite.
That's a hefty rise in supplies and with refineries headed for maintenance, expect it to continue. The oil trade is just a matter of finding an attractive place to sell in the expectation of a fall back below $40/barrel.
