Weekly energy inventory data from the US Energy Information Administration

  • Expected was +4000K
  • Prior was +14513K
  • Gasoline +567K vs -1100K expected
  • Gasoline prior -4211K
  • Distillates +4619K vs +1500K exp
  • Distillates prior +3382K
  • Refinery utilization vs -0.35% expected
  • Production +0.035m or +0.4% w/w
  • Production down 6.8% y/y

Yesterday's API numbers

  • Oil +1.4m barrels
  • Distillates +5.3m barrels
  • Gasoline -2.4m barrels

So the numbers were different from consensus and the EIA. There was lots of talk in the past few hours about a bigger distillate build as the heating oil production and storage season ramps up.

WTI crude rose about 0.5% on the headlines.

What could reverberate later is the rise in production. It's negligible but it may be seen as a sign that we're past the lows for production. Drilling rigs have been rising since May and that's translating into production now.


PADD3 stocks (on the gulf coast) rebounded 2.26m after an 8.7m draw last week but PADD1 (east coast) was flat. Stocks in PADD2, 3, 5 fell and that's the surprise here.

On imports, PADD3 rose 37% but that still doesn't cover off the Tropical Storm Hermine decline, at least not yet.