EIA data was released at 10:30 am ET. Oil inventories fell by 0.91 million vs. consensus of 1.9 million. Gasoline inventories had a build of 0.63 million vs. consensus of draw of 1 million. Distillate inventories had a build of 0.15 million vs. consensus of no build.
There is no change in our stance on oil.
For your convenience we are reproducing the section on oil from the Morning Capsule.
Oil
Oil experienced a short squeeze going into the close at 2:30 pm ET. At 4:30 pm ET API data was released.