Weekly petroleum inventory and production data from the Department of Energy

  • Prior was K
  • Gasoline +908K vs +1050K expected
  • Distillates +528K vs -1450K expected
  • Refinery utilization -4.7% vs +0.5% expected

API data released yesterday:

  • Crude -7030K
  • Gasoline +1941K
  • Distillates +1644K
  • Cushing -0151K

Production:

  • -11.3% w/w
  • 8.406 mbpd vs 9.48 mpbd

That's a hefty production slowdown.

WTI fell initially but rebounded to $52.22 after the data, which is essentially unchanged from before the release.