Weekly oil inventories from the US EIA:
- Prior was -4407K
Yesterday's API oil inventories report showed a drawdown of 847K barrels, and that weighed on oil prices. It also meant that expectations for a larger drawdown were overstated, this is actually bullish for crude, and the dip will find support.
- Gasoline -1251K vs -770K expected
- Distillate inventories 2994K vs 1658K exp
