EIA weekly US oil inventories +7928K vs -1911K expected

Weekly petroleum inventories:

  • Prior was -4982K
  • Gasoline -724K vs +150K expected
  • Distillates +5495K vs +2500K expected
  • Cushing -3395K vs -5587K prior
That’s a big build but it was largely foreshadowed by the API report late yesterday. Oil is under some modest pressure and down 37-cents on the day to $32.44.
API numbers from late yesterday:
  • Crude +8731K
  • Cushing -3370K
  • Gasoline +1120K
  • Distillates +6907K