EIA weekly US oil inventories +515K vs -963K expected

  • Prior was -4553K
  • Gasoline +5873K vs +2634K expected
  • Distillates 1413K vs -850K expected
  • Refinery utilization -0.3% vs -0.4% expected

Yesterday’s API data showed:

  • Crude +1404K
  • Gasoline +3463K
  • Distillate -1179K
  • Cushing -1496K

The ongoing builds in gasoline have been completely disregarded by the market. Some of that is seasonal but the past three weeks have added an average of nearly 8 million barrels per week, which is the highest on record.

Go to top