This data was delayed because of the US holiday yesterday. WTI crude oil was trading 60-cents higher ahead of the release.
The consensus is:
- Prior was +3730K
- Gasoline -2280K vs +620K expected
- Distillates -1726K vs +261K expected
- Production unchanged at 13.2 mbpd
- Refinery utilization -1.5% vs +0.1% expected
Tuesday’s API reading was surprisingly bearish, though the market has shaken it off:
- Crude +2264K
- Gasoline -1077K
- Distillates +538K
I think there was some front-running of this data point, so while it’s bullish, I don’t know if will be enough to counteract some profit taking.
This article was written by Adam Button at www.forexlive.com.
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