US EIA weekly oil inventories -2747K vs -2400K expected
Weekly energy inventories from the Department of Energy
- Prior was -6023K
- Gasoline +2490 vs +200K expected
- Distillates -1480K vs -1927K expected
- Refinery utilization +1.1% vs -0.25% expected
API data released yesterday:
- Crude +3097K
- Gasoline -1575K
- Distillates +2029K
- Cushing +1216K
These reports are nothing alike. A big reason crude is down 80-cents today is that build from API but the official data is just the opposite. Meanwhile, the draw in gasoline that API reported was a build and distillates were a draw rather than a build.
The initial reaction was higher in crude but it's back down to pre-data levels, near $50.35.