Weekly oil supply data from the US Department of Energy
- Prior was -2389K
- Gasoline +1223K
- Distillates -762K
- Production +1.1% w/w
- Production -4.1% y/y
Here are the expectations:
- Oil -1500K
- Gasoline +1000K
- Distillates +2000K
- Cushing +1000K
API (released late yesterday)
- Crude +4680K
- Gasoline +3910K
- Distillates +233K
This is a big surprise. After the huge build in the API numbers, the market priced in a build and is not caught on the wrong foot.
The kneejerk reaction was a 70-cent rise in WTI but that was quickly halved. That might be partly due to the rise in production.
