Weekly US oil inventory data
- Prior was -5914K
- Gasoline +1156K vs +1250K expected
- Distillates +15K vs +1600K expected
- Refinery utilization +0.8% vs +0.1%
- Production flat
Huge draw sends WT I up to the highs of the day at $72.37, adding about 50-cents on the headlines. A big part of the story was US crude exports, which hit 3 million barrels per day in what will surely be good news for US trade balance.
Here's what the API numbers showed late yesterday:
They helped to foreshadow the big draw.
WTI is within 40-cents of the May high.
