Weekly oil inventory and production data from the DOE
- Prior was -4948K
- Gasoline +3620K
- Distillate -3887K
- Cushing -4184K (largest drop on record)
- Production +258K bpd
- Production 9.75mbpd vs 9.492mbpd last week
The API numbers from late yesterday:
- Crude -5121K
- Distillates +609K
- Gasoline +1782K
- Cushing -3936K
The headlines are bullish for energy but that big jump in production should quickly take the shine off. Initially, WTI is up about 20 cents to $63.74.
