US weekly crude oil inventories -7056K vs -275K expected

• Prior was +5458K
• Gasoline -4642K vs -1096K expected
• Distillates +766K vs +440K expected
• Refinery utilization % vs -0.2% expected
• SPR draw of 3.4m vs 5.3m prior
• Implied gasoline demand 9.35m vs 9.12m last week

This is bullish stuff and it's a hint at what would be happening to inventories if the SPR release wasn't ongoing. I'm not sure why the pace of the release has slowed but there might be some delivery issues.

Oil was curiously bid ahead of this number but I've been covering this data point for a long time and there's no evidence that it's leaked. It may have been others picking up on strong gasoline demand in the retail sales report.

API data from late yesterday:

• Crude -448K
• Gasoline -4480K
• Distillates -759K
• Cushing +250K

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