US oil inventory data week ending 03 November 2017
- Prior -2.435m
- Overnight private data -1.562m
- Cushing 0.720m vs 0.090m prior (Overnight private data 0.812m)
- Gasoline -3.312m vs -1.850m exp. Prior -4.020m (OPD +0.520m)
- Distillates -3.359m vs -1.000m exp. Prior -0.320m (OPD -3.133m)
- Production 9.620m vs 9.553m prior. Highest since 1983.
That’s caught the market on the hop a bit but we’re well supported with the upcoming OPEC meeting so the reaction so far has been muted. WYI was trading around 56.80 pre-release and is at 56.55 now.