Weekly energy supply numbers from the EIA:
- The expected number was probably closer to 8-9m barrels after API
- Cushing inventories 1.23m vs 0.6M exp
- Gasoline +0.82m vs -1.52m exp
- Distillates -0.25m vs +0.33m exp
- Production up 0.192% (after a decline last week)
Largest weekly build since March 2001. Oil prices are down about 50 cents after the data, which was foreshadowed by API report yesterday. The rebound in production is bearish as well.
The move is spreading to USD/CAD, which has erased declines in Asia-Pacific trading and testing 1.2500.
