US weekly EIA oil inventories +2108K vs -4466K expected

Author: Adam Button | Category: News

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:
  • Crude +806K
  • Gasoline +3307K
  • Distillates -1225K
  • Cushing -3567K
oil chart
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.

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