Weekly US oil inventories

  • Prior was +3577K

  • Gasoline +1699K

  • Distillates +3811K

  • Cushing +1729K

  • Production 11.7 mbpd vs 11.7 mbpd prior

API earlier in the week:

  • Crude +5360K

  • Gasoline +3610K

  • Distillates +4320K

The drop snaps a streak of 10-straight weeks of inventory builds.

The US has become a net crude and product exporter for the first time.