Energy supply and production data from the EIA
- Prior was -6200K
- Gasoline inventories +2027K vs +500K exp
- Distillate inventories -1915K vs +500K exp
- Refinery utilization -1.9% vs +0.75% exp
- Production -0.2% w/w
- Production down to 8.497m from 8.512m
Good news for oil. The gasoline build is a minor negative but it's covered by the distillate drop. However, API had shown a 3700K draw in gasoline so perhaps the market was caught off guard.
WTI immediately up to $45.70 from $45.30 beforehand. However, the gain was quickly erased. Gasoline is falling and the market may be more focused on OPEC.
The big surprise was a 3.269m barrel draw in PADD 1, which is the East coast. Supplies there fell 18.7% with no obvious catalyst.
API had shown a 752K draw in crude and a 343K draw in distillates, according to reports.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
