• 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.

oil inventories