US weekly oil inventories -754K vs +225K expected

Weekly oil inventory data from the EIA

  • Prior was +769K
  • Gasoline +2180K vs +1150K exp
  • Distillates -1441K vs -2250K
  • Refinery utilization +1.3% vs +0.7% exp
API numbers from late yesterday:
  • Crude +3800K
  • Gasoline +1300K
  • Distillates -1800K
  • Cushing -1400K
This is a larger surprise than it appears because there was some oil selling on the API report. The build in gasoline takes the shine off it and distilltes are also negative so the market isn’t doing much. If anything, crude has ticked slightly lower since the headlines.
WTI oil chart