Weekly US energy inventory and production data

  • Prior crude oil +6346K
  • Gasoline 3161K vs -2250K expected
  • Distillates -4054K vs -1550K expected
  • Production 11.2 mbpd vs 10.9 mbpd prior
  • Production up 2.8% w/w

The API numbers from yesterday:

  • Crude oil +5690K
  • Gasoline -3500K
  • Distillates -3100K
  • Cushing +14400K

Oil initially rose after the API report but it's now down 30-cents today to $65.90.

The US production number is notable, that's matches the cycle high. For all the talk of politics and who did what; the rise in US oil production is undoubtedly the most important domestic economic development of the decade and it was about technology, not government.