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Oil prices were lower this morning, amid broad derisking after weak macro data and no immediate escalation in the Middle East.

API

• Crude -2.5mm (-800k exp)

• Cushing -2.0mm

• Gasoline +600k (+1.4mm exp)

• Distillates -2.1mm (-800k exp)

DOE

• Crude +1.23mm (-800k exp)

• Cushing -1.97mm

• Gasoline +1.16mm (+1.4mm exp)

• Distillates -2.54mm (-800k exp)

The official data showed a crude build (opposite to API's draw and expectations). Cushing stocks decline for the 4th straight week, and Distillates stocks tumbled…

Source: Bloomberg

The Biden admin added to the SPR (+892k barrels) for the 10th straight week…

Source: Bloomberg

Stocks at the Cushing Hub fell once again, now at their lowest for this time of year since 2008…

Source: Bloomberg

US Crude production rebounded from the storm shut-ins…

Source: Bloomberg

WTI has extended its losses on the crude build…

However, despite today's down day, oil is set for its first positive month since September.