Weekly energy inventories from the Energy Information Administration:

  • Prior was +6634K
  • Gasoline -110K vs -1750K expected
  • Distillates -3554K vs 0K exp
  • Production 8.953 mbpd, down 0.3% w/w
  • Prior production was 8.977 mbpd

Here is the American Petroleum Institute (API) crude oil inventory data, released yesterday.

  • Oil inventory build of 3.1 mln barrels
  • Cushing draw of 235K barrels
  • Gasoline draw of 1.02 mln bbls
  • Distillate draw of 2.35mln bbls

Today is contract expiration for May but all the volume has already shifted to the July contract in WTI.

The oil and distillate numbers are bullish for crude but the smaller draw in gasoline inventories takes some of the bullishness away. There has been a big overhang of distillates but the drop this week.

Production continues to slip with 24,000 bpd leaving the market. That's nothing in the grand scheme of things but it's a sign of the continuing trend.

WTI crude on the June contract rose to $42.00 after the release compared to $41.55 beforehand.