Weekly crude oil inventories for the week ending January 31, 2020:
- Prior was +3548K
- Gasoline -91K vs +1800K
- Distillates -1512K vs -200K exp
- Refinery utilization +0.2% vs +0.15% exp
- Production 12.9 mbpd vs 13.0 mbpd prior
API numbers yesterday:
- Crude +4180K
- Cushing +960K
- Gasoline +1960K
- Distillates -1780K
Crude trading at $51.40 up 4% on the day after bouncing from the lows set the prior day at $49.26.
We see $52 as key resistance unless OPEC+ delivers at least 500k/d of cuts.