US weekly energy inventory data from the EIA
- Prior was +9934K
- Gasoline -596K vs -1000K expected
- Distillates -159K vs -500K expected
- Cushing +821K
API numbers late yesterday:
- Oil +2806K
- Gasoline -2833K
- Distillates -834K
This is a big surprise on the oil side as it's the first draw since the week of March 15. The initial reaction was a bump in WTI to $61.81 from $61.60. Trimming the enthusiasm are the smaller draws in products, especially in relation to yesterday's API numbers.
