EIA oil inventories.

  • Week crude stocks up 1294K
  • Gasoline stocks down 2072K vs -750K expected
  • Distillate inventories +2017K vs +700K expected
  • Refinery utilization +2.2% vs +0.5% expected

API inventories rose 2602K in data released Tuesday so market expectations were likely below 3600K but not that much.

Someone fat fingered oil hard!

Oil longs and USD/CAD shorts are just beautiful today.

Update: Oil testing $55/barrel There were about 350 lots on the offer at $55 so it will take a bit of work to get through those.

Update 2: Gonzo. as oil hits $55.06.

Scale back and look at the bigger picture and oil looks like it's breaking out.