Weekly energy supply data from the EIA
- Prior was -917K
- Gasoline inventories +1367K vs -300K exp
- Distillates -1801K vs +625K exp
- Refinery utilization +1.7% vs +0.5% exp
- Production 8.622 mbpd vs 8.677 mbpd prior
- Production down 0.6% w/w and 9.5% y/y
The draw was close to the rumored API draw of -3860K.
Oil rose above 35-cents to $48.83 after the data but the bearish gasoline number could dampen the rally.