• 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.

oil

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