US weekly oil inventory data w/e 31 August 2018

  • Prior -2.566m
  • OPD -1.200m
  • Cushing 0.549m vs 0.058m prior. OPD 0.631m
  • Gasoline m 1.845mvs -0.810m exp. Prior -1.554m. OPD 1.000m
  • Distillates 3.119m vs 0.742m exp. Prior -0.837m. OPD 1.800m
  • Production 11.0m vs 11.0m prior

Surprise draw but compensated by the rise in inventories. Oil paring gains; CAD unchanged if that correlation still has a meaning off late.

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