Oil fell today despite a bullish IEA report cutting its estimate for oil surplus (despite 2 weeks running of increasing rig counts and production and builds in gasoline and distillates last week). With crude inventories down 3 weeks in a row, API's print was expected to come in at -2.33mm barrels but instead built by 1.16mm barrels, sending oil prices lower. Cushing stockpiles were expected to drop 600k barrels (despite Genscape's 234k build estimate) but soared 664k barrels. Gasoline and Distillates both saw the biggest builds since January.
These are across the board builds with Gasoline and Distillates really ugly...
- Crude +1.16mm (-2.33mm exp)
- Cushing +664k (-600k exp, +234k Genscape)
- Gasoline +2.254mm
- Distillates +3.725mm