US crude oil inventories for the week ending June 26

  • The last-minute Bloomberg survey estimated +766K
  • Prior was -4934K
  • Cushing inventories +123K
  • Prior Cushing inventories -1000K
  • Gasoline inventories -1757K vs -1000K exp
  • Production -0.1% to 9.959m from 9.604m
  • In the prior week week, production rose 0.2%
  • Distillates +392K vs +1500K exp

The API report late yesterday showed inventories up 1.9K barrels and crude immediately fell 50 cents and has been on the decline since. Once again, the API number was a great guide.