EIA weekly US crude oil inventories -3818K vs -2100K exp

Weekly oil inventory and production data from the DOE

  • Prior was +501K
  • Gasoline -1626K vs -1300K exp
  • Distillates -7245K vs -962K exp
  • Cushing+2906 K vs +470K prior
  • Refinery utilization -2.0% vs -0.9% exp
  • Production 10.5 mbpd vs 11.0 prior

API data from late yesterday:

  • Crude -5422K
  • Cushing +2199K
  • Gasoline -1513K
  • Distillates -393K

That’s a large draw, particularly in distillates. There’s been an uptick in crude prices above $40 again after the report.