Weekly US oil inventory data
- Prior was 2396K
- Gasoline 204K vs 1250K expected
- Distillates +3806K vs -450K expected
- Refinery utilization +5.5% vs +2.6% expected
- Production estimate 11 mbpd vs 10.9 mbpd prior
API data from late yesterday:
- Crude +2927K
- Gasoline -3728K
- Distillates +246K
WTI crude is about 15-cents lower on the headline to $59.55. Refineries really ramped up production last week as they play catch-up to on the Feb outages ahead of what looks to be a strong driving season. We’re up to 14.4 mbpd from 14.8 mbpd before the freeze.
There was a big jump at PADD 3 of 5385K, which is the gulf coast and suggests imports.