EIA US weekly oil inventories -1529K vs -4612K expected
Weekly US oil inventory data from the EIA
- Gasoline -7215K vs -3390K expected
- Distillates 3142K vs -2617K expected
- Refinery utilization -9.4% vs -4.9% expected
- Cushing +1918K
- Production estimate 10.0mbps vs 11.5 mbpd prior
- Implied demand -2.866 mbpd
The story here is that refineries ran slower than anticipated, which is going to continue to put a squeeze higher on gasoline prices.
This is a tough one to forecast and trade because of the ongoing effects of Hurricane Ida.
The API data from late yesterday showed:
- Crude -2882K
- Cushing +1794K
- Gasoline -6414K
- Distillates -3748K