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.