Oil prices were back to unchanged ahead of DOE data, after falling on last night's surprise API inventory build. Prices jumped higher however as DOE reported a much smaller build than API (+614k vs +4.2mm), though admittedly a build (expectations were for a draw). Cushing built for the 4th week of the last 5 but gasoline and distillates saw significant draws. Production dipped very modestly.
API
- Crude +4.2mm (-1.5mm exp) - biggest in 6 weeks
- Cushing +528k (+500k exp) - 4th build in last 5 weeks
- Gasoline -2.8mm (+1mm exp)
- Distillates -1.7mm (+1mm exp)
DOE
- Crude+614k (-1.5mm exp)
- Cushing+172k (+500k exp)
- Gasoline-1.593mm (+1mm exp)
- Distillates -1.881mm (+1mm exp)
Product Inventory draws continue...
(Click on image to enlarge)
US Crude production continues to follow the rising rig count trend, though has now dipped very modestly for 2 weeks in a row...
(Click on image to enlarge)
The reaction in crude was biased upwards but very noisy...
(Click on image to enlarge)
As a reminder oil closed yesterday with its 8th consecutive gain... the longest streak since Jan 2010.
Comments
Log in or sign up to join the conversation.