That’s not a typo. Inventories rose more than 10 million barrels.
The ‘expected’ consensus is a bit dubious. After yesterday’s API numbers the market was probably looking for something between 3800K and 4200K.
Oil tried to rally today but stalled out just above $49.00 and faded back to $47.25 ahead of the data.
This is bearish news but it’s offset slightly by gasoline, distillates and refinery utilization.
- Gasoline +588K vs +1350K exp
- Distillates -3272K vs +780K exp
- Refinery utilization -5.5%
The fall in refinery runs is the largest since 2008.
US refinery runs
Oil down to fresh lows, -$1.53 to $46.24.
There’s a bearish engulfing candle on the daily chart if we close here but it would take a close below $45.89 to really flash a sell signal.
WTI crude oil daily
