Weekly US EIA oil inventories data report week ending 14 April 2017

  • Prior -2.166m

  • Private data yesterday -840k
  • Cushing -778k vs 175k exp. Prior 276k
  • Gasoline 1.542m vs -2.000m exp. Prior -2.973m
  • Distillates -1.955m vs -1.000m exp. Prior -2.153m
  • Production 9.252m vs 9.235m prior

Not a big variance from expectations on the headline number. Gasoline perhaps the only surprise.

WTI doesn't do much around a 52.52/22 range.

What is clear is the continuing trend in production. I wonder if the US will get an invite to the next OPEC/non-OPEC chinwag? ;-)

US oil production