Weekly oil inventory and production highlights from the US Department of Energy
- Crude prior -1661K
- Gasoline -578K vs -579K expected
- Distillates +1079K vs +500K expected
- Refinery utilization -0.40%
- Production +0.2% w/w to 9.35 mbpd
WTI climbs over $44.00 on the headlines.
Here's what API reported yesterday:
- Oil -2720K
- Gasoline +346K
- Distillates +1837K
- Cushing -1269K
Overall, it's slightly better than estimates but there isn't anything for crude oil bulls to get excited about. Inventories have fallen in 10 of the past 11 weeks but that's normal for this time of year and overall supplies are still far above historical norms with production continuing to increase.