Oil pumpjack storm
  • Prior was +3210K
  • Gasoline +715K vs -1320K expected
  • Distillates +1659K vs -1153K expected
  • Production 13.1 mbpd vs 13.1 mbpd prior
  • Implied mogas demand: 8.61 Mbpd vs 9.24 Mbpd prior

API data released late yesterday:

  • Crude +3034K
  • Gasoline -609K
  • Distillates +120K

Oil initially fell 40 cents on the data but quickly pared that to a 10-15 cent decline.