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.