Weekly oil inventories from the US Department of Energy
- Prior was -282K
- Gasoline +3205K vs +1000K exp
- Distillates +4572K vs +500K exp
- Refinery utilization +0.6% vs +0.8% exp
- Cushing +1791K
The API data showed a surprise build that has weighed on oil prices today:
- Crude +3545K
- Cushing +1408K
- Gasoline +2696K
- Distillates +6314K
These numbers aren't doing oil any favors. WTI quickly down to $51.93 from $52.64.
Analysts are struggling to understand persistent builds in US supplies at a time of year when they should be turning towards draws.