US weekly crude oil inventories +3355K vs +3000K expected

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.