Following last night's major inventory draws across the board (via API), which sent WTI surging back above $50, this morning's DOE data was markedly different. Both Gasoline and Distillates saw inventory builds and Crude saw notably smaller inventory draws (DOE -917k vs API -5.22mm). US crude production fell 0.44% (having fallen for 21 of the last 22 weeks) to the lowest since Sept 2014. Notably, Genscape additionally reported EU crude storage saw a notable build to the highest inventory in 3 years (suggesting US shifting stock to Europe). WTI crude has slide back below $50 erasing API's spike.
- Crude -5.22m (-1.7m exp.)
- Cushing -1.311m (-50k exp.)
- Gasoline -1.47m (-300k exp.)
- Distillates -1.699m (+300k exp.)
- Crude -917k (-1.5m exp.)
- Cushing -1.28m
- Gasoline +627k
- Distillates +151k
DOE data notably less exuberant than API...
Production fell for the 21st week of the last 22...
Crude slid back below $50, erasing API gains...