US crude oil inventories +2784K vs +750K expected

• The API data yesterday showed a 1300K build
• US production was down 1.3% w/w and 5.8% y/y
• Production was at 8.825 mbpd vs 8.938 the week prior       
• Inventories at Cushing +243K vs -187K exp
• Distillates -1.261K vs -83K exp
• Gasoline +536K vs -144K exp
• Refinery utilization +1.6% vs +0.34% exp

Another big build in the overflowing US energy stockpiles but it may be balanced out by the steep drop in production. Overall, it's