Weekly EIA energy inventories
- The API data yesterday showed a 1300K build
- US production was down 1.3% w/w and 5.8% y/y
- Production was at 8.825 mbpd vs 8.938 the week prior
- Inventories at Cushing +243K vs -187K exp
- Distillates -1.261K vs -83K exp
- Gasoline +536K vs -144K exp
- Refinery utilization +1.6% vs +0.34% exp
Another big build in the overflowing US energy stockpiles but it may be balanced out by the steep drop in production. Overall, it's a good test for the strength of the energy market after the today day drop before today.