US oil inventories:
- Cushing inventories -241K vs -475K exp
- Gasoline inventories -2774K vs +650K exp
- -546K vs +400K exp
- Refinery utilization +1.2% vs +0.3% exp
The API report yesterday showed a 5200K draw in oil and so the kneejerk in crude prices was lower on the data.
I like the downside in crude. Supplies are still massive and although the data showed US production falling 1.195% to 9.262 million barrels per day, it's still higher than demand.
