Official weekly crude oil inventories from the US EIA

  • EIA weekly US crude oil inventories vs 3250K expected
  • Gasoline inventories -3204 vs -1400K exp
  • Distillates +2238K vs +200K exp
  • Cushing +526K vs +700K
  • Production +0.2% w/w
  • Production 8.512 mbpd vs 8.493 mbpd prior
  • Production down 6.8% y/y

According to newswires reports, API crude inventories were -7497K, gasoline -2500K, distillates +1400K. So what was 'expected' from the consensus was heavily skewed and far closer to those numbers.

Oil hits an intraday high of $45.50, up 55 cents from before the report.