Weekly petroleum inventories:
- Prior was +1164K
- Gasoline +6678K vs +3264K exp
- Distillates +8171K vs +1650K exp
- Refinery utilization -0.8% vs -0.2% exp
- Production 13.0mbpd vs 12.9mbpd prior
The continued rise in product inventories is a drag on crude. WTI fell to the lows of the day at $57.55 on this but has bounced to $57.84. That's still about 20 cents below pre-data levels.
API data from yesterday:
- +1103K crude
- +6779K distillates
- +3198K gasoline
Earlier today, OPEC boosted its 2020 global oil demand growth estimate by 140K bpd to 1.22M on better global growth. However they also boosted their estimate of non-OPEC supply growth by 180K bpd to 2.35M. They see a growing threat from supply beyond shale, including Norway, Mexico and new fields in Guyana.
