Weekly energy inventory data from the US Energy Information Administration
- Expected was +4000K
- Prior was +14513K
- Gasoline +567K vs -1100K expected
- Gasoline prior -4211K
- Distillates +4619K vs +1500K exp
- Distillates prior +3382K
- Refinery utilization vs -0.35% expected
- Production +0.035m or +0.4% w/w
- Production down 6.8% y/y
Yesterday's API numbers
- Oil +1.4m barrels
- Distillates +5.3m barrels
- Gasoline -2.4m barrels
So the numbers were different from consensus and the EIA. There was lots of talk in the past few hours about a bigger distillate build as the heating oil production and storage season ramps up.
WTI crude rose about 0.5% on the headlines.
What could reverberate later is the rise in production. It's negligible but it may be seen as a sign that we're past the lows for production. Drilling rigs have been rising since May and that's translating into production now.
Regionally:
PADD3 stocks (on the gulf coast) rebounded 2.26m after an 8.7m draw last week but PADD1 (east coast) was flat. Stocks in PADD2, 3, 5 fell and that's the surprise here.
On imports, PADD3 rose 37% but that still doesn't cover off the Tropical Storm Hermine decline, at least not yet.