Weekly oil supply data from the EIA
– Prior was -2342K
– Gasoline +452K vs +600K exp
– Distillates -780K vs +950K exp
– Cushing +1110K vs -500K exp
– Production 8.515mbpd vs 8.494mbpd prior
The oil gain evaporated on the headlines and WTI is now trading down 30-cents to $42.62 from $43.15 beforehand. It’s not looking good for oil.
