US weekly EIA oil inventories -2732K vs -1500K expected

US weekly energy inventory and production data:

  • Prior was +1580K
  • Gasoline +312K vs -200K exp
  • Distillates +2610K vs -300K exp
  • Cushing -2485K
  • Production unchanged at 12.3mbpd
API data released late yesterday:
  • Crude -3454K
  • Gasoline -403K
  • Cushing -2803K
  • Distillates +1806K

WTI was trading at $56.76 ahead of the data and was little changed on the headlines. The build in distillates is a bit of a surprise but it’s nothing to get excited about.