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US June weekly EIA oil inventories -917K vs -1500K expected

Weekly energy inventory and production data from the EIA

  • Prior was -933K
  • Cushing -1280K vs -225K exp
  • Gasoline +627K vs -1000K exp
  • Distillates +151K vs +1000K exp
  • Refinery utilization +1.1% vs +0.55%
  • Production 8.677 mbpd vs 8.716 mbpd prior (down 0.4%)
  • Production down 9.7% y/y

Late Tuesday, API reported a 5.2m drawdown in oil inventories. That's four weeks in a row that API has been a poor guide. These numbers are bearish for energy.

Update: Oil gives up 40-cents and is now in negative territory below $50/barrel.

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.

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