US weekly oil inventories +2396K vs +2700K expected

Weekly US oil inventory data

  • Prior was +13,798K
  • Gasoline +472K vs -3500K exp
  • Distillates +255K vs -2600K exp
  • Refinery utilization +7.1% vs +5.6% exp
  • Production unchanged
API data late yesterday showed:

  • Crude -1000K
  • Gasoline -930K
  • Distillates +904K
Oil ticked lower on the headlines by about 15 cents. WTI is down 56-cents to $64.25 on the day.