US EIA weekly oil inventories -6065K vs -3100K expected

Weekly US oil inventories from the EIA

  • Prior was -562K
  • Gasoline inventories -1192K vs +400K expected
  • Distillate inventories +3095K vs +600K expected
  • Refinery utilization +1.4% vs +0.5% exp
  • Cushing +27K vs -26K prior
The larger draw isn’t a huge surprise given that API reported a 4.8m rundown in inventories. Other numbers from API:
  • Gasoline -718K
  • Distillates -1877K