US weekly crude oil inventories +2025K vs -1917K expected

  • Prior was -5068K
  • Gasoline -812K vs +1075K expected
  • Distillates +2592K vs +1060K expected
  • Cushing -1593K vs +256K prior

API data released late yesterday:

  • Crude +1845K
  • Gasoline +1821K
  • Distillates vs +3376K
  • Cushing vs -1839K

There is a bit of evidence of some loosening in the crude market here but it’s one week of data. Gasoline remains extremely tight with inventories 10% below the long-term average.

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