US crude oil inventories -282K vs -1360K estimate

Weekly US crude oil inventories from the DOE

  • Crude oil inventories -282K vs -1360K estimate
  • Gasoline inventories 2204K vs -800K estimate
  • Distillates inventories  -1615K versus 750K estimate
  • Cushing OK crude inventories -16K vs 1266K last week
  • US refinery utilization 1.30% versus 1.00% estimate
  • crude oil implied demand 19202 versus 18466 last week
  • gasoline implied demand 10110.4 versus 9845.4 last week
  • distillates implied demand 5589.7 versus 5098.3 last week
Crude oil traded at $58.75 before the report.
The price is currently trading at $58.35.
The private data last night showed a surprise draw of 5265K in crude oil (see chart below). The less than expected draw (vs that data and estimate of -1360K) has helped to push the price lower.
crude oil inventories from the private API data