From Economic Calendar:
The latest American Petroleum Institute (API) inventory data recorded a build of 1.3mn barrels for the latest weekly data, compared with an expected build of around 0.5mn and after the unexpected draw seen last week. The data pushed oil prices slightly higher as markets reacted to the lower than expected Cushing build and strong components rather than the headline figure.June futures $43.84 up 19 cents. This is still what the old timers used to call a "well-supplied" market.
There was a build in Cushing stocks of 382,000 barrels for the week, which was substantially lower than expected after Monday’s Genscape data, which suggested a build of just over 0.8mn for the week.
There was a draw in gasoline stocks of 1.2mn barrels with distillates recording a draw of 2.6mn barrels, which suggested strong product demand, continued. Gasoline prices have remained at higher levels, pushing to six-month highs this week, while demand has hit seasonal record highs. This may also be an indicator of a firmer underlying US economy.
Oil prices weakened on Tuesday as a dollar recovery was compounded by weaker risk appetite and underlying over-supply concerns following the increase in Opec production levels in April as Iraq reported a production increase for the month. From highs just above $46.50 last week, there was a decline to lows just below $43.50 in US trading, the third successive daily retreat....MORE
I think they intended the pun.
