DOE crude oil inventories -2077K vs 3000K estimate

The weekly Department of Energy inventory data

  • crude oil inventories -2077K vs. +300K estimate
  • gasoline inventories 2795K vs 300K estimate
  • distillates inventories 9934K vs 2900K estimate
  • Cushing OK inventories -1739K vs -3395K last month
  • US refinery utilization 0.50% vs 0.90% estimate
  • crude oil implied demand 17676 vs 17467 last week
  • gasoline implied demand 7811.0 vs 7463.9 last week
  • distillates implied demand 3457.9 vs 4150 last week.
The private data yesterday showed:
  • crude oil -483K
  • Gasoline +1706K
  • Distilates +5917K
  • Cushing -2200K
Crude oil July futures were trading at $36.75 just prior to the report. The price is currently trading at $36.67