Weekly oil inventory and production data

  • Prior was +1566K
  • Distillate -2973K vs -1000K exp
  • Gasoline -2153K vs -1000K exp
  • Cushing +276K (fresh record)
  • Production +0.4% w/w and +2.9% y/y

Bullish numbers except for production. In oil, there was a 3.8m barrel draw in PADD3, which is the Gulf coast.

Oil initially jumped 20-cents but is struggling with the March 7 high of $53.80.