Weekly US energy inventories and production data from the EIA:
- Prior was -3106K
- Gasoline -996K vs 0K expected
- Distillates -2441K vs +100K exp
- Refinery utilization +0.3% vs +0.5% exp
- Production 12.1 mbpd vs 12.2 mbpd prior
API numbers released late yesterday:
- Crude -7550K
- Cushing -1260K
- Gasoline -3170K
- Distillates -160K
That’s the largest one-week draw since Sept 2016 and fifth-largest draw since the series started in 1982. WTI touched $59.93 on the headlines.