Energy supply and production data from the EIA
– Prior was -6200K
– Gasoline inventories +2027K vs +500K exp
– Distillate inventories -1915K vs +500K exp
Good news for oil. The gasoline build is a minor negative but it’s covered by the distillate drop. However, API had shown a 3700K draw in gasoline so perhaps the market was caught off guard.
