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.