US EIA weekly oil inventories data report week ending 29 July 2016

  • Prior 1671k

  • The private report that shall not be named showed a draw
  • Cushing -1123k vs 250k exp. Prior 1110k
  • Gasoline -3262k vs -650k exp. Prior 452k
  • Distillate 1152k vs -700k exp. Prior -780k
  • Refinery utilisation 0.90% vs 0.0% exp. Prior -0.8%
  • Production 8.460mbpd vs 8.515mbpd prior

Either worse than expected or completely the opposite to expectations. The private report did show a big Cushing draw, so they got that bit right.

WTI has been dunked under 40.00 to 39.19 and has recovered to trade at 39.65.

Production looks like it's ready to get back on the downward path and it's got a lot of room to roam.

US oil production