WTI currently $47.79 down 70 cents. We'll see how tomorrow's EIA storage report matches up.Currently $48.16 down 33 cents.
Oil Spikes After DOE Inventories Data Refutes API For 3rd Week In A Row, Production Drops
Following last night's across the board inventory builds reported by API, oil prices have bounced modestly but remain lower (below $48) ahead of DOE's data. However, for the 3rd week running, DOE data refuted API showing a smaller than expected 933k draw in crude inventories and a large draw in gasoline (-2.62mm vs API's +2.25mm). Distillates inventories rose for the 2nd week in a row and Cushing saw its biggest build in 5 weeks. However, oil prices are rising on the data as well as the fact that US production resumed its decline after last week's brief increase.
- Crude +1.16mm (-2.33mm exp)
- Cushing +664k (-600k exp, +234k Genscape)
- Gasoline +2.254mm
- Distillates +3.725mm
Once again DOE data opposes API data...though we note Cushing saw a large build...MORE
- Crude -933k (-2.33mm exp)
- Cushing +904k (-600k exp, +234k Genscape)
- Gasoline -2.62mm
- Distillates +786k