• 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 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.

oil daily

Update: Oil is now tracking down to $86.50.