Weekly US petroleum inventories:
- Prior was -5079K
- Gasoline +7046K vs +1200K exp
- Distillate +4412K vs +1800K exp
- Refinery utilization +2.6% vs +0.55% exp
Yesterday's API data:
- Crude -2108K
- Gasoline +2408K
- Distillates +3752K
Refineries are running flat out to build inventories ahead of summer driving season. There is already talk of heavy traffic on the roads.
The market is focused on those big builds in products in the aftermath of the report, with WTI down to $70.15 from $70.40 beforehand. Watch the big figure.
