US weekly oil inventories +6088K vs +702K expected
Weekly US petroleum inventory data
- Prior was +2346K
- Gasoline -1958K vs -83K expected
- Distillates -24K vs -933K expected
- Refinery utilization -2.9%
- Cushing -1968K
I wouldn't put too much stock in those 'consensus' numbers after the API data from late yesterday:
- Crude +5213K
- Gasoline -4575K
- Distillates -2707K
- Cushing -2275K
There was some hefty refinery downtime and you also have imports from Canada rising on the commissioning of Enbridge's Line 3. Implied demand also took a tumble to 19.875, a drop of 1.651 million barrels per day week-over-week with gasoline, distillates and jet fuel all falling.
Oil prices quickly dropped to $80.95 from $81.25 on the headlines.