Weekly oil inventories from the EIA

  • Prior was -46K

  • Gasoline +6890K vs +2400K expected

  • Distillates +9529K vs +1100K expected

  • Refinery utilization +2.1% vs +0.3% expected

  • Cushing +641K vs +799K

API numbers late yesterday:

  • Crude -4500K
  • Gasoline +8000K
  • Distillates +4000K
  • Cushing +483K

This is a soft report for oil but it mirrors the API number. The oil market has shaken it off and remains sky high. The supply story isn't at the top of mind right now and the jobs numbers and China stimulus are great news on that front.

WTI up $1.54 to $48.62 last.