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 expectedDistillates -1726K vs +261K expectedProduction unchanged at 13.2 mbpdRefinery utilization -1.5% vs +0.1% expected
Tuesday’s API reading was surprisingly bearish, though the market has shaken it off:
Crude +2264KGasoline -1077KDistillates +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.
