• Prior was -4523K
  • Gasoline +163K vs -1614K exp
  • Distillates -2400K vs +1038K exp
  • Refinery utilization -1.2% vs +0.6% exp
  • US implied oil demand (product supplied) fell by 28kbpd w/w to 19.948mbpd last week with gasoline down 704k bpd.

Oil prices are dipping after the data.

API data released late yesterday:

  • Crude +2165K
  • Gasoline -204K
  • Distillates -351K
  • Cushing +653K

The jump in oil after OPEC has been erased. The fall in gasoline implied demand is a bit puzzling given falling prices and reports of higher demand at the pumps but the numbers are what they are.

US oil inventories