EIA US oil inventories data report week ending 3 February 2017
Overnight private data showed a bigger build than expected
Cushing 1143k vs -500k exp. Prior -1245k
Gasoline -869k vs 1500k exp. Prior 3866k
Distillates 29k vs 300k exp. Prior 1568k
Refinery utilisation -0.5% vs -0.3% exp. Prior -0.1%
Production 8.978m vs 8.915m prior
The private data flagged the huge build last night. It was more than 5 times the expectations, so if anything, this report might have come in below the updated expectations. WTI jumped initially to 52.00 but has slid back down to 51.48 as I type.
As ever, more importantly for supplies, production hit a new high for the year.
US oil production