Weekly EIA petroleum inventories for the week ending June 18, 2021:
- Prior was -7355K
- Gasoline -2930K vs +1050K exp
- Distillates +1754K vs +1000K exp
- Refinery utilization -0.4% vs +0.5% exp
- Cushing -1833K
API data released late yesterday:
- Crude -7199K
- Gasoline +959K
- Distillates +992K
- Cushing -2550K
The surprise in this report is the drawdown in gasoline inventories. The headline was foreshadowed by yesterday’s API numbers so it wasn’t a big surprise but gasoline tightening up points to strong driving demand.