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.