- Prior was -5068K
- Gasoline -812K vs +1075K expected
- Distillates +2592K vs +1060K expected
- Cushing -1593K vs +256K prior
API data released late yesterday:
- Crude +1845K
- Gasoline +1821K
- Distillates vs +3376K
- Cushing vs -1839K
There is a bit of evidence of some loosening in the crude market here but it's one week of data. Gasoline remains extremely tight with inventories 10% below the long-term average.
WTI crude oil had traded as high as $121.37 after UAE's minister warned about dwindling global spare capacity but later gave it almost all back and is up 40 cents to $119.72.