US official oil inventory data:
- The market was probably looking for something around a 2.4m barrel draw after the API reported a draw of 3.1m barrels
- Gasoline +2840K vs -500K exp
- Distillates +3060K vs +300K expected
Ahead of the report, WTI crude was up $1.20 to $45.79.
The oil numbers look bullish but it was less of a draw than predicted by the API. In addition, the gasoline and distillate numbers are bearish so I look for energy to come under some pressure.
