EIA weekly US oil inventories week ending 31 March 2017

  • Prior 867k

  • Private report -1.8m

  • Cushing 1.413m vs 125k exp. Prior -220k

  • Gasoline -618k vs -1.750m exp. Prior -3.747m

  • Distillate -536k vs -1.000m exp. Prior -2.483m

  • Production 9.199m vs 9.147m prior

  • Refinery utilisation 1.50% vs 0.50% exp. Prior 1.90%

That's a huge miss, especially being a build against the private report, which showed a big draw.

WTI has dropped to 51.21 from around 51.70, which is pretty tame for these numbers.

I'm always more interested in the production numbers anyway, and they're still pumping away.

US oil production