Weekly US oil inventories and production data
- Prior was +3633K
- Gasoline -1454K vs -500K expected
- Distillaes -1517K vs -1500K expected
- Refinery utilization flat vs -0.2% exp
- Production 12.0 mbpd vs 11.9 mbpd prior
April oil inventories released late yesterday:
- Crude +1260K
- Gasoline -1550K
- Distilaltes -758K
12 million barrels per day is a record for US oil production. The growth of US oil via shale has been remarkable.
Imagine what the US trade deficit would be without this boost.
