EIA weekly US oil inventories +1956K vs -1314K expected

• Prior was +2025K
• Gasoline -710K vs +1066K
• Distillates +725K vs +292K
• Refinery utilization -0.5% vs +0.5% expected

API numbers from late yesterday:

• Crude +736K
• Gasoline -2159K
• Distillates +234K
• Cushing -1067K

The White House called an emergency meeting on refinery capacity today as it tries to find any way to lower gasoline prices, which have disconnected from crude. The US is already releasing about 7 million barrels per week of oil, so you can imagine where these inventories would be without that.

WTI crude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Term fell to a one-week low yesterday in a $5 reversal. It's little changed after the data, which is bearish compared to expectations and the API report. The problem continues to be the gasoline shortage and that will keep refineries humming for a long time.