Weekly oil inventory data from the US Energy Information Administration:

  • Prior was +4224K
  • Cushing inventories +1495K vs +800K exp
  • Gasoline inventories +1009K vs -500K exp
  • Distillates -791K vs -500K exp
  • Refinery utilization +0.8% vs +0.5% exp

API inventories fell 482K barrels so the market was probably looking for a flattish reading, rather than the build 'expected'.

The gasoline build is a bit bearish and on the net, after the API data, I wouldn't expect much of a squeeze higher on these numbers.