Weekly oil inventory data from the EIA
- Cushing +35K
- Gasoline -413K vs -1000K exp
- Distillates -1944K vs -1450K exp
- Total distillate inventories at the lowest since Nov 2015
- Production 9.305 mbpd vs 9.314 mbpd prior (-0.1% w/w)
Oil slumped yesterday after the API numbers, which showed:
- Oil +882K
- Cushing -539K
- Gasoline -1790K
- Distillates +1790K
So while the headlines initially look bearish, the bad news was mostly priced in -- except for gasoline.
On the headlines, crude jumped to $49.40 from $49.00. Friday's high was $49.66.
