Weekly US oil inventories data from the Energy Information Administration:
- Prior was +8383K
- Gasoline inventories +5938K vs +2500K exp
- Prior gasoline inventories +3464K
- Distillate inventories -777 vs -1500K exp
- Prior distillate inventories -4057K
- Inventories at Cushing +747K
The API report showed US oil inventories up 3800K barrels and gasoline inventories +6600K barrels. Distillate inventories edged up 400K barrels.
The relentless rise in US oil inventories is truly a sight to behold. I don't know where they're putting it any more. On top of that, the report showed US crude production up 0.4% year-over-year.
Here are total US inventories which normally don't peak until April/May.
