Oil supply data from the EIA
- Prior was +3880K
- Gasoline -747K vs -2472K exp
- Distillates -1135K vs -554K exp
Market expectations were around 2100K after the API report showed a 1500K build yesterday. This is bullish news for oil.
Even more bullish is a 3.7% y/y decline in production, including a 0.1% decline last week.
