Weekly crude oil inventories +1442K vs +1500K expected

Weekly US oil inventories and production:

  • Prior was +1215K
  • Gasoline -1673K vs -1728K
  • Distillates +249K vs -500K
  • Refinery utilization +0.80% vs +0.50% expected
  • Production 11.0mbpd vs 10.5m last week
The API numbers were out late yesterday:

  • Crude +1750K
  • Gasoline -3860K
  • Distillates -2610K
The oil market doesn’t like these gasoline and distillate numbers. WTI is at the lows of the day: