- Prior was +1694K
- Gasoline +4114K vs +1186K expected
- Distillates -1069K vs -472K expected
- Production estimate 12.2 mbpd vs 12.1 mbpd
- SPR draw 800K (already reported)
- Implied demand 17.627 mbpd
- Implied mogas demand 7.55 vs 7.51 mbpd prior
The huge build was due to refinery closures because of cold weather. WTI crude oil was trading at $76.00 ahead of the report and dipped to $75.70 before turning higher; that's not the reaction I would have expected.
The consensus numbers in this report probably wasn't what the market expected after this was in the private data released late yesterday:
- Crude +14,865K
- Gasoline +1800K
- Distillates +1100K