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.