US weekly oil inventory data w/e 11 January 2018

  • Oil inventories -2.683m vs -2.500m exp. Prior -1.680m
  • OPD -0.560m
  • Cushing -0.743m vs 0.330m prior. OPD -0.796m
  • Gasoline 7.503m vs 3.000m exp. Prior 8.066m prior. OPD 5.991m
  • Distilates 2.967m vs 1.350m exp. Prior 10.611m. OPD 3.214m
  • Production 11.9m vs 11.7m prior

Not much to write home about. Gas higher than expected and another decent build. Production rising is perhaps the bigger news as it’s been sitting around the 11.7m mark for quite some time now.

WTI is off around 30 pips to 52.00

Ryan Littlestone

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