US weekly petroleum inventory data
- Prior was -6422K
- Gasoline +372K vs -1067K expected
- Distillates -2555K vs -1190K expected
- Refinery utilization +5.4% vs +2.4% expected
API data from late yesterday:
- Crude -6108
- Gasoline -432K
- Distillates -2720K
- Cushing -1748K
Expectations undoubtedly shifted after the API report and that's why oil is up 2% today. This data reels that in. The build in gasoline supplies is a particular surprise but comes with refinery runs stepping up much more than anticipated.
There has been a quick 30-cent dip in crude oil the headlines.