US crude oil inventory data for the week ending May 29:

  • API showed a build of 1.8m barrels
  • Prior was -2.8m barrels
  • Gasoline stockpiles -334K vs +11K exp
  • Distillates +3773K vs +1277K exp
  • Refinery utilization -0.4% vs +0.69% exp

This report is more bullish than the headline suggests. Oil slumped on the API data but it proved to be unfounded. API had been doing a masterful job of predicting this report but it's much tougher at this time of year as inventories begin to reverse.