EIA US weekly oil inventories -2622K vs +3250K expected
Weekly oil inventories
- Prior was +5022K
- Cushing inventories +905K vs +338K
- Gasoline -1693K vs -2450K exp
- Distillates -2022K vs -2250K exp
- Refinery utilization +1.7% vs -0.3% (prior +2.0%)
Refineries have been rapidly picking up.
The drop in crude supplies was close to the API reading of -2739K. Production was up 0.3% w/w to 10.407 mbpd and up 14.0% y/y.