US EIA oil inventory data week ending 4 May 2018

  • Prior 6.218m
  • Overnight private data -1.850m
  • Cushing 1.388mm vs 0.416m prior. OPD 1.653m
  • Gasoline -2.174m vs 0.0m exp. Prior 1.171m. OPD -2.055m
  • Distillates -3.791m vs -1.500m exp. Prior -3.900m. ODP -6.674m
  • Production 10.703m vs 10.619m prior

Muchg bigger draws than expected, though most of it was flagged by the OPD data for once. Production?? Needs no commentary. WTI breaks the day’s high to 71.24.

Ryan Littlestone

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