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Wednesday, May 03, 2017

US weekly crude oil inventories -930K vs -3000K expected

  • Prior was -3641K
  • Cushing -728K vs -900K expected
  • Gasoline +191K vs +1000K exp
  • Distillates -562K vs +2000 exp
This is far different from what API reported and oil sank 50-cents to $47.46 on the headlines, breaking yesterday's lows.
  • Production +0.3% w/w
  • Production 9293K vs 9265K bpd (+28K bpd)
  • Production +5.3% y/y
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