API crude oil inventories data:
- US weekly refinery capacity utilization down 0.1% to 91.4%
- Weekly crude stocks at Cushing up 572,000 bbls
- US weekly crude imports off 106,000 BPD to 7.98mln bpd
- US weekly distillate stocks up 1.7 mln bbls
- US weekly gasoline stocks up 1.1mln bbls
- US weekly crude stocks +5.5 million bbls
The API data is closely watched as its thought to give an idea of the EIA data due tomorrow. Expectations for that ahead of the API were for a build of 2.4m. So, at a build of 5.4 mln, the API figure for inventory build is hugely above expectations
Oil traded lower on the data release.
Note - data is released by API to its subscribers at half past. It comes out on the wires 5 minutes later.