June 16, 2016 Oil Report
Seasonally, WTI is in a period of high draw expectations due to consumer and business demand. Prior session, the EIA showed a smaller than expected draw -933k vs. an expected -2.3k. However, gasoline draws were sizeable -2.62mm, but distillates built +786k. Cushing on the other hand is at 93.87% full working capacity due to the facilities latest build. We tend to ignore API due to reporting inaccuracies when compared to EIA.
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June 9, 2016 Oil Report:
WTI EIA oil inventories for June 3, 2016 printed at -3226k vs. -3000k. Focus was on production increase from 8.745m vs. 8.735m, due to rig counts stabilizing. Worth noting are the builds in gasoline and distillates as the US Driving season is underway.
EIA US crude oil inventories
|June 2 16 Oil Note-|
Latest EIA oil inventories -1366k vs. -2500k exp. Prior session API 2.35mm barrel build as there continues to be a wide margin of error of data sets.