Weekly oil inventories from the EIA

  • Prior was -3963K
  • Gasoline -1123K vs -350K exp
  • Distillates +84K vs -719K exp
  • Cushing +1805K
  • Production 12.1mbpd vs 12.2mbpd prior

From the API report late yesterday:

  • Crude +8600K
  • Cushing +1200K
  • Gasoline +567K
  • Distillates +2200K

The report is negative for oil but not nearly as bad as the API numbers had indicated. The closure of the Houston shipping channel on the weekend worked in mysterious ways.