Weekly US oil inventory data from the Energy Information Administration:
- Prior was +2847K
- Gasoline inventories -2102K vs -1000K expected
- Prior gasoline -3300K
- Distillates +352K vs -1000K expected
- Prior distillates -1300K
- Refinery utilization +0.8% vs +0.5% exp
- Prior refinery utilization +1.1%
- US oil production up 0.3% last week to 9.185 mbpd (from 9.160)
After the API data showed a 6.3 million build, the market was likely looking for something around 4 million barrels so this shouldn't be as big of a surprise as the headline 'looks'.