US EIA weekly oil inventory data report week ending 2 December 2016
– Cushing 3783k vs 256k exp. Prior 2419k
– Gasoline 3425k vs 1600k exp. Prior 2097k
– Distillates 2501k vs 2000k exp. Prior 4957k
A bigger draw than expected here but not as unexpected after the ‘Oil report that shall not be named’ also showed a bigger draw. Production was pretty flat. There’s still the whiff of the OPEC deal floating around but once that’s all done and dusted, we’ll likely get back to seeing the market move more in this report.