- 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.