US energy inventory data:
– Prior was -4937K
– Prior gasoline inventories +1438K
– Distillate inventories +505K vs +200K exp
– Refinery utilization -2.2% vs +0.1% exp
The expectations for oil inventories shifted after yesterday’s showed a whopping 6.223 million barrel build in crude stockpiles. I suspect the market was looking for something like a 4-5 million barrel rise.
