Weekly oil inventories and production
- Prior was +6218K
- Gasoline -2147K
- Distillates -3791K
- Cushing +1388K
- Production +0.8%
- Production 10.70 mbpd from 10.619 mbpd
Here was what yesterday's API numbers showed.
The API data helped to kick off the late rally in crude yesterday and the confirmation in EIA numbers has sent crude back to the highs of the day with WTI at $71.20 per barrel.
The only negative storyline here is production, which is on pace to hit 11mbpd in very short order. The frackers are unstoppable.
