Weekly US supply and production data
- Prior was +13830K
- Gasoline inventories +2846K vs +500K expected
- Distillates -689K vs -1000K expected
- Production 8.977mpbd vs 8.978mbpd prior
- Production flat on the week, down 1.7% y/y
API data
- API oil stocks showed a 9940K build
- Gasoline stocks were up 717K in the API report
- Distillates stockpiles were down 1500K in the API report
Huge build in the headline to match the API number. Another negative for energy is the unexpected jump in gasoline supplies.
Oil has been whippy in the aftermath of the data. It's bounced between $52.85 and $52.25.
Here's some humour from @vexmark.
