Weekly oil supply data from the Energy Information Administration:
– Prior was +252K
– a +2600K reading
– Gasoline 2478K vs 950K expected
– Prior gasoline was +1009K
The oil data looks like it’s in-line but the market would have been looking for a larger build after yesterday’s API data. So it’s a bullish report for crude. That’s balanced by the unexpected rises in gasoline and distillate inventories.
