WTI crude oil was trading at $74.65 ahead of the report after hitting as high as $75.40 today and as low as $74.08 on OPEC news.

This report was delayed twice (for 30 mins each) due to technical issues. This report is modestly bearish due to the product builds. Note that this week is a tough read because it’s coming off the July 4 holiday week.

Implied demand fell by 2.244 mbpd to 19.303mbpd. Overall stocks are at the lowest since January 2020 as excess inventory built up in the pandemic disappears.