US weekly EIA crude oil inventories -9233K vs -2150K expected

<ul><li>Prior was -2492K</li></ul><ul><li>Gasoline +4913K vs +2300K exp</li><li>Distillates -1417K vs +348K exp</li><li>Refinery utilization -7.1% vs -1.2% exp</li><li>Production 12.3 mbpd to 13.2 mbpd</li><li>Impld mogas demand: 7.88mbpd mbpd vs 8.33mbpd prior</li></ul><p>API data from late yesterday:</p><ul><li>Crude: -6674K </li><li>Gasoline:+7183K</li><li>Distillates:-245K</li></ul><p>The cold weather in the US appeared to wreak havok on these numbers with a large drop in US production and refining. Overall, I'd say this is bullish but the market will surely look through it because of the weather. Still, around 250k bpd is offline in North Dakota so that's tightness. At the same time, the cold has hurt driving demand.</p><p>WTI crude rose about 30 cents on the data.</p>

This article was written by Adam Button at www.forexlive.com.