On an API basis at least, our thoughts regarding the timing of a rebound in U.S. commercial crude oil stocks was correct, but we will reserve final judgement until the EIA numbers are released later this morning. Late yesterday the API reported that for the week ending January 19 crude oil inventories increased by some 4.8 million barrels to 416.2 million barrels, in contrast to consensus expectations of a draw with the build even larger than our estimate.  Primary gasoline supplies increased by 4.1 million barrels, more than analysts’ estimates, while distillate fuel oil stocks fell by 1.3 million barrels, less than what the market was looking for.


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