Weekly supply data from the Energy Information Administration:
– Prior was +234K
– The showed a 4.6m barrel build
– Gasoline +4563K vs 1900K exp
– Distillates -1025K vs +800K exp
There has been a focus on the massive swells in gasoline and distillate inventories for the past two weeks. The big build in gasoline will likely outweigh the surprise drawdown in distillates but I also think there may be bottom-pickers in oil who were waiting until after this report to jump in.
