US weekly EIA oil inventories +2108K vs -4466K expected
Weekly oil inventories
- Prior was -7897K
- Gasoline -121K vs -1043K exp
- Distillates +1349K vs +557K exp
- Refinery utilization -0.4% vs -0.4% exp
- Cushing -1347K
Oil initially dipped to $69.10 from $69.30 on the headlines but has quickly rebounded.
API data released late yesterday:It was interesting that net imports were the highest since Dec 2020. The US market is tight and pulling in international barrels. That's narrowed the spread to brent to under $2. There's even talk about parity.
- Crude +806K
- Gasoline +3307K
- Distillates -1225K
- Cushing -3567K