EIA US weekly oil inventories -4053K vs -2500K expected

29 June 2016, 17:54
Sherif Hasan

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.

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