Weekly US crude oil inventories:

  • Prior was -2979K
  • Gasoline +1290K vs -1633K exp
  • Distillates -1732K vs -650K exp
  • Refinery utilization -1.1% vs -0.3% exp

Here are the API numbers from late yesterday:

  • Crude -4045K
  • Gasoline +2711K
  • Distillates -1961K
  • Cushing +2128K

Hurricane Ida will throw off this report for a few weeks due to drops in production and exports. Looks for significant draw downs in gasoline inventories.

The OPEC+ meeting will start at the top of the hour. A +400K bpd increase is likely to be rubber stamped.

WTI is back up to $67.80 from $67.40 on this.

The real story in the energy market though is natural gas, which has gone insane in Europe and is up 5% in the US today.