Weekly energy inventory data from the EIA

  • Prior was +1854K
  • Distillates +269K vs -1000K expected
  • Gasoline +44K vs +1000K expected
  • Refinery utilization +0.3% vs +0.4% exp

Yesterday's API data showed a 6360K draw in oil inventories but that appears to be a big whiff. Oil is down to $57.57 from 54.75 but I might have expected a bit more selling given the difference compared to API.

Other API numbers yesterday:

  • Gasoline +869K
  • Distillates -1670K

On net, total inventories are also higher than forecast.

  • Production 9.658mbpd vs 9.645mbpd prior
  • Production +0.1% w/w
  • Production +11.1% y/y