Weekly inventory and production data from the Department of Energy
– Prior was +1501K
– Inventories have risen for 9 straight weeks
– Gasoline -6555K vs -1987K expected
The large increase in oil inventories was largely offset by bid draws in gasoline and distillates. If anything, this report is less bullish than the API numbers. It took a moment, but crude jumped about 20-cents on the headlines.
