Weekly EIA US oil inventories -6451K vs -2200K expected

US oil inventory and production data 

  • Prior was -1527K
  • Gasoline +3424K vs -1500K exp
  • Distillates -1729K vs -500K
  • Production -0.1% w/w
  • Production 9.423m bpd vs 9.430m bpd prior

The API report showed

  •  -7839K crude
  • Gasoline +1529K
  • Distillates -157K

That build in gasoline has the market worried but it’s a mixed report. WTI initially fell to $49.20 from $49.50 but it’s bounced right back.

Saudi imports fell to 554K from 1170K the prior week, which is a sign they may actually be curbing exports.

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