Weekly energy inventories and production data:
- Crude vs -1000K expected
- Cushing +2096K
- Gasoline +764K vs +950K expected
- Distillates -1000K vs +1100K expected
- Refinery utilization +1.4% vs +0.55% expected
- Production 12.3 mbpd vs 12.4 mbpd prior
Here's what API reported late yesterday:
- Crude +4852K
- Cushing +2365K
- Gasoline +829K
- Distillates -3461K
The headline is less-bearish than the API report and that led to a small pop in crude initially but the distillate number is worse than API and expectations and that reversed the move. WTI is at $51.71 compared to 52.10 beforehand.
