Weekly US oil inventories +5720K vs -1850K expected

Weekly US energy inventory data from the EIA:

  • Gasoline vs -1000K expected
  • Distillates +1568K vs +3500K
  • Cushing -2279K vs +1739K prior
  • Refinery utilization +1.3% vs +0.61% expected
  • Production 11.1 mbpd
The API data released late yesterday:
  • +8420K
  • Cushing -2285K
  • Gasoline -2913K
  • Distillates +4271K

The oil market hasn’t done much on the news with WTI down 86-cents to $38.31 today.