US weekly EIA oil inventories +2299K vs +3100K expected
EIA US weekly oil inventory data
- Prior was +9357K
- Gasoline -2514K vs -2500K expected
- Prior gasoline -4642K
- Distillates -1075K vs -300K expected
- Prior distillates +917K
- Refinery utilization +2.00% vs +0.25% exp
Oil is extending gains after the smaller than expected build in crude. Note yesterday's API numbers.
The production numbers don't get as much attention but they're key. Production fell 0.2% on the week to 9.022 million barrels per day from 9.038mbpd. That's down 3.9% y/y in a sign that lower prices are beginning to have the desired effect.
Still, inventories are rising it's only a matter of time until capacity is maxed out. Here is a chart of total US oil inventories (ex-SPR).