EIA weekly US oil inventories -451K vs +1022K expected

• Prior was +4488K
• Gasoline +2746K vs +880K expected
• Distillates +5057K vs +1328K expected
• Refinery utilization +2.7% vs +0.6% expected
• Production estimate 12.4 mbpd

Refineries ran hard last week in an attempt to build product inventories ahead of driving season.

API data released late yesterday:

• Crude -1710K
• Gasoline +2417K
• Distillates +4500K

The SPR released 1.8 million barrels last week with mandated sales continuing through month-end (and then nothing scheduled until 2026).

WTI WTI WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o Read this Term was at the highs of the day at $72.86 just ahead of the release.

Here are inventory levels, via CIBC. You can see gasoline and distillates very low, similar to last year.