Weekly US oil inventories -745K vs +4000K expected

Weekly petroleum inventory data from the EIA:

us oil inventories
  • First draw since January
  • Crude -745K vs +4000K expected
  • Gasoline -3513K vs -2500K expected
  • Distillates +3511K vs +3000K expected
  • Cushing -3002K vs +2068K a week ago
This is a surprise and it’s boosted WTI back to $26.00.
Late yesterday, the private data from API showed:

  • Crude +7600K
  • Gasoline -1911K
  • Distillates +4712LK
  • Cushing -1000K