US crude oil inventories for the week ending May 8:
- Prior was -3882K
- Cushing inventories -990K vs -541K expected
- Gasoline inventories -1142K vs +37K exp
- Distillate -2503K vs +812K
- Refinery utilization -1.8% vs +0.4% exp
API oil inventories were -2000K so this number isn't as far out of line as it might first appear. The market ripped higher to $61.80 on the headlines but has completely reversed down to $61.00.
The inventory numbers themselves are growing less important because API has been so adept at predicting them. The data point that's beginning to stand out is production, which rose 0.53% last week in a sign that drilling rigs are shutting down.
