US EIA weekly oil inventory data report week ending 12 August 2016

  • Cushing -724k vs 500k exp. Prior 1163k
  • Gasoline -2724k vs -1700k exp. Prior -2807k
  • Distillates 1939k vs -600k exp. Prior -1959k
  • Refinery utilisation 1.3% vs -0.6% exp. Prior -1.1%
  • Production 8.597m vs 8.445m prior

The suggested numbers from the TORTSNBN were;

  • Oil -1.0m
  • Cushing -680k
  • Gas +2.1m
  • Dis +2.4m

3 outta 4 ain't bad ;-)

WTI had a little wobble below the trend line to 45.80 but has bounced to 46.53.

The draw might have been half expected based on last nights data but perhaps not as big as that. More importantly, production rising keeps the black stuff flowing out the ground and adds to the ever increasing supply picture, and that's a bearish signal.

US oil production