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.

EIA weekly oil inventories