EIA weekly US oil inventories +3925K vs +1360K expected

• Prior was -3115K
• Gasoline -899K vs -1080K expected
• Distillates -521K vs -800K expected
• Refinery utilization +1.5% vs +0.5% expected
• Implied demand at 21.267 mbpd vs 20.481 mbpd prior
• Gasoline demand +351K vs -270K bpd prior
• Implied mogas demand 9.01 mbpd vs 8.66 mbpd prior

The SPR release last week was 3.6 million barrels vs 1.9 m last week.

API data from late yesterday:

• Crude +5618K
• Gasoline +2553K
• Distillates -1773K
• Cushing -1848K

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 was trading at $87.36 ahead of the report and down to $87.16 immediately afterwards. There's the risk of a double top on the daily chart.

Update: Oil is now tracking down to $86.50.