Weekly US crude oil inventories
- Prior was +1623K
- Gasoline +7524K vs +1200K exp
- Distillates -2194K vs +1000K exp
- Refinery utilization -5.0% vs -1.0% exp
- Production 13.0 mbpd vs 13.0 mbpd prior
API yesterday:
- Oil +10485K
- Cushing +2926K
- Gasoline +6058K
- Distillates -4458K
The US put nearly 14million barrels of oil into storage last week. Oil briefly kicked lower on the headlines but has stabilized. If something can't fall on bad news, maybe it won't fall.
That said, I don't see how oil can rally when there is no real demand. Maybe you get some kind of short squeeze but the physical reality overwhelms any financial flows.
Here is a look at US gasoline demand:
