Weekly oil inventories

  • Prior was -9910K
  • Gasoline +4467K vs +1500K exp
  • Distillates -9K vs -500K exp
  • Refinery utilization +0.6% vs +0.2% exp
  • Production 10.9 mbpd vs 10.9 mbpd prior

Oil is quickly down to $55.67 from $55.90 before the report. There was a big jump in imports from Canada to 4.238mbpd, a record. That's not likely to be repeated.

API numbers from late yesterday:

  • Crude -4261K
  • Cushing -1885K
  • Gasoline -240K
  • Distillates -1622K