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US EIA weekly crude oil inventories -4089K vs -2928K exp

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US petroleum inventory data from the EIA

  • Prior was +2108K
  • Gasoline -2253K vs -916K exp
  • Distillates -3088K vs -435K exp
  • Refinery utilization -0.3% vs +0.4% exp

Late yesterday the API numbers were:

  • Crude -4728K
  • Gasoline -6226K
  • Distillates -1882K
  • Cushing -126K

The gasoline draw wasn’t going to be as high as the API data but the distillate draw is a surprise. Airlines are telling pilots to conserve fuel by flying lower so that’s a sign of demand. Driving data also suggests strong US gasoline pulls going forward.

WTI is up about 15-cents in the aftermath of the release:

crude

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