Weekly energy inventory and production data from the Department of Energy
- Prior was -930K
- Cushing -438K
- Gasoline -150K
- Distillates -1587K
- Production +0.2% w/w
- Production to 9.314 mbpd from 9.293 mbpd prior
The -2000K consensus is disingenuous because it doesn't fully factor in the private inventory data released yesterday.
It showed:
- Crude -5789K
- Cushing -133K
- Gasoline +3169K
- Distillate -1170K
The market generally prices in something about halfway between the consensus and the API numbers but that depends on how reliable API has been recently.
The confirmation today sent oil 40-cents higher and it's now flirting with $47 per barrel, a six-day high.
