Weekly US oil storage data:
- Largest build since April 2015
- Prior was +3502K
- Gasoline -1468K vs -1500K exp
- Distillates +2882K vs -1150K exp
The 'consensus' underestimates what the market was looking for. API reported a 9.9 million barrel build so that's likely close to what was expected in the market.
API data:
- US crude stock inventory build of 9.9 million barrels
- Cushing build of 1.8 million
- Gasoline draw of 2.2 million barrels
- Distillate +2.7 million barrels
The only moderately bullish news was the gasoline build. Everything else is a screaming sell. The reason oil wasn't lower coming into the report was because of the comments from Russia and talk of capex cuts.
