US weekly oil inventories +6088K vs +702K expected

Author: Adam Button | Category: News

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
Here's a look at where inventories are:
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.
oil inventories
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