Crude oil inventories for the week ending Oct 7
- Prior was -2976K
- Gasoline inventories -1907K vs -900K exp
- Prior gasoline +222K
- Distillate inventories -3746K vs -1200K exp
- Prior distillates -2359K
- Production -0.2% w/w to 8.467 mbpd
- Production -7.1% y/y
API reported a 2700K build in oil supplies, according to sources. They also estimated a gasoline draw of 688K barrels and distillates down 4520K.
The kneejerk reaction in crude has been lower on the strong headline draw.
There was a big build at PADD1, which is odd because there were shutdowns at the end of the reporting period due to Hurricane Matthew. The region added 3064K barrels of supplies.
Update: Prices now falling more aggressively with crude at a session low, down 73-cents.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
