- Prior was -3691K
- Gasoline +2769K vs +1625K expected
- Distillates +3547K vs 1457K expected
- SPR draw of 1.4m barrels
- Refinery utilization +1.3% vs +0.2% exp
- Mogas demand 8.32m vs 8.33m prior
There was a huge draw but it was foreshadowed somewhat by the 7m draw in the API data from late yesterday. Oil made some gains on the headlines but it's not back to the session highs as it fights a rising USD on the tape.
Refineries are running ultra-hard right now -- near seasonal records -- as crack spreads make for a windfall.