EIA US oil inventories data report week ending 3 February 2017

  • Prior 6.466k

  • 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