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.