Weekly US oil inventories:

  • Prior was +7792K
  • Gasoline inventories +1258K vs +1000K exp
  • Prior gasoline inventories +5938K
  • Distillate inventories +1281K vs -1500K exp
  • Prior distillate inventories -777K
  • Inventories at Cushing +523K
  • Production down 0.3% w/w, down 0.4% y/y

The API report showed US oil inventories up 2400K barrels and gasoline inventories +3100K barrels. Distillate inventories climbed 1690K barrels.

Surprise draw in oil inventories, that's good news for oil and CAD.