EIA weekly US oil inventories data report 2 November 2016

  • Prior -553k

  • Cushing 89k vs 235k exp. Prior -1337k

  • Gasoline -2207k vs -1000k exp. Prior -1956k

  • Distillates -1828k vs -1900k exp. Prior -1956k

  • Production 8522k vs 8504k prior

  • Refinery utilisation -0.4% vs 0.5% exp. Prior 0.6%

WTI fell below 45.00 briefly from 45.70 odd in the bigger than expected build.

The market may have been leaning that way anyway as the 'oil report that shall not be named' showed a build of 9300k yesterday. Note the step up in production too.

Maybe there's some catchup there as this is the biggest build ever (well, as far back as I can see) and comes not so long after the second biggest draw ever (Sep).

As has been pointed out by the readership, there was another big amount of imports 1.962m vs 2.052m last week, which would explain the big build.

US oil inventories