Weekly US petroleum inventory and production data
- Prior was -3862K
- Gasoline -4587K vs -2500K expected
- Distillates -4127K vs -1500K expected
- Cushing -468K
- Production 12.1 mbpd vs 12.0 mbpd prior
The results of the API data yesterday:
- Crude -2133K
- Gasoline -2794K
- Distillates -1607K
- Cushing -317K
Quick jump in WTI to $59.60 from $58.96. For me, I would really like to see oil break $59.63 on this. That’s the 50% retracement of the Q4 rout and if it can’t break out on this kind of bullish news, I wonder if there’s anything that can push it over the top.