EIA weekly oil inventories -3481k vs -2440k expected

US weekly petroleum inventory data

  • Prior was -6422K
  • Gasoline vs -1067K expected
  • Distillates vs -1190K expected
  • Refinery utilization vs +2.4% expected
API data from late yesterday:
  • Crude -6108
  • Gasoline -432K
  • Distillates -2720K
  • Cushing -1748K
Expectations undoubtedly shifted after the API report and that’s why oil is up 2% today.
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