US weekly EIA crude oil inventories +13,798K vs +2500K expected
Inventory data for the week ending March 5
- Prior was +21,563K
- Gasoline -11,869K vs -2900K
- Distillate -5504K vs -3100K
API data from late yesterday:
- Crude +12,800K
- Gasoline -8500K
- Distillates -4800K
That's 34 million barrels of oil that went into storage in the past two weeks but 26m barrels of gasoline and 15 million barrels of products that came out of inventories. It's an even bigger mess than it looked like at the time.
This is more of a story about refineries than the commodity itself. WTI has bounced around on this but I can't see how this changes anything except that there might be very tight gasoline inventories and higher prices in the summer unless they can play catchup in the 2 months ahead.