US weekly oil inventories -2549K vs +1100K expected

Author: Adam Button | Category: News

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.
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