Weekly oil data from the US Energy Information Administration:
- Prior was -5085K
- Gasoline +8438K vs +2500K exp
- Prior gasoline build of 10576K was the largest on record
- Distillate +6136K vs +1500K expected
- Prior distillate build 6308K
The API report late yesterday showed a large draw in oil and continue big builds in gasoline and distillates.
The market was likely factoring in a draw in oil after the API numbers but the big surprise for the second week is the massive oversupply of gasoline and distillates. That will majorly undermine demand for oil going forward.
Crude has turned lower on the data.
There is absolute no saving oil at the moment.
