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.