EIA weekly US crude inventory data week ending 20 May 2016

  • Prior 1310k
  • Last nights API -5140k
  • Cushing -649k vs -450k exp. Prior 461k
  • Gasoline 2043k vs -1500k exp. Prior -2496k
  • Distilates -1284k vs -1000k exp. Prior -3170k
  • Refinery utilisation -0.8% vs 0.4% exp. Prior 1.4%

A bigger draw than expected but the market would have adjusted that based on the API data.

WTI dropped nearly 60 cents from 49.57 but has recovered around half of that.

Production fell to 8.767mbpd from 8.791mbpd.