Weekly energy inventory and production data from the EIA:
- Prior was -10,835K
- Gasoline -1791K vs -1500K expected
- Distillates -1791K vs +1000K expected
- Cushing -1533K
API data released late yesterday:
- Crude oil -6024K
- Cushing -1449K
- Gasoline -3135K
- Distillates 890K
Bullish stuff for oil. Draws across the board and oil at a session high. Still, it's a bit of tepid reaction on the kneejerk, probably owing to the upcoming Fed and because most of the draw was foreshadowed in the API data.
