• 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 was at the highs of the day at $72.86 just ahead of the release.

WTI crude daily
WTI crude daily

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

energy inventories