EIA weekly US oil inventories +1912K vs 1350K expected

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.