US weekly oil inventories -876K vs -1500K expected

Weekly US oil inventory data from the EIA

  • Prior was +1912K
  • Gasoline -1735K vs +700K expected
  • Distillates +2542K vs +500K expected
  • Refinery utilization +2.3% vs +1.7% expected
Private inventories released late yesterday but the API:
  • Crude +3910K
  • Gasoline -6012K
  • Distillates +2595K
Tomorrow’s OPEC+ decision is the big driver of crude, which was up 11-cents to $60.66 before this report. It initially popped on the release but quickly came back.