Energy supply and production data from the EIA

  • Prior was -6200K
  • Gasoline inventories +2027K vs +500K exp
  • Distillate inventories -1915K vs +500K exp
  • Refinery utilization -1.9% vs +0.75% exp
  • Production -0.2% w/w
  • Production down to 8.497m from 8.512m

Good news for oil. The gasoline build is a minor negative but it's covered by the distillate drop. However, API had shown a 3700K draw in gasoline so perhaps the market was caught off guard.

WTI immediately up to $45.70 from $45.30 beforehand. However, the gain was quickly erased. Gasoline is falling and the market may be more focused on OPEC.

The big surprise was a 3.269m barrel draw in PADD 1, which is the East coast. Supplies there fell 18.7% with no obvious catalyst.

API had shown a 752K draw in crude and a 343K draw in distillates, according to reports.