Weekly oil inventory and production data from the DOE
- Prior was +501K
- Gasoline -1626K vs -1300K exp
- Distillates -7245K vs -962K exp
- Cushing+2906 K vs +470K prior
- Refinery utilization -2.0% vs -0.9% exp
- Production 10.5 mbpd vs 11.0 prior
API data from late yesterday:
- Crude -5422K
- Cushing +2199K
- Gasoline -1513K
- Distillates -393K
That’s a large draw, particularly in distillates. There’s been an uptick in crude prices above $40 again after the report.