US weekly EIA energy inventories +21,563 vs -1300K expected

Weekly US oil inventories

  • Prior was +1285K
  • Gasoline -13,624K vs -2500K
  • Distillate -9719K vs -3750K
  • Refinery utilization -12.6% vs +4.0% exp
API data released late yesterday:
  • Crude +735K
  • Cushing +732K
  • Gasoline -9993K
  • Distillates -9053K
I don’t know what analysts were looking for here. We all knew there were massive refinery shutdowns down to the cold in Texas. That led to a big backup in oil inventories and big draws in products.
Refineries are playing catch-up now but I’m not sure this changes the overall supply-demand mix. Though given a May US reopening, we could be having a huge driving season come summer and cracks could blow out.