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US weekly oil inventories -10611K vs +450K expected

  
Analysis, Crude
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Weekly US oil inventory data

  • Prior oil was +4892K
  • Gasoline +654K vs -2000K expected
  • Distillates +503K vs +1000K exp
  • Refinery utilization +1.6% vs +0.5% exp
  • Production 11.1 mbpd vs 11.1 prior
API data from late yesterday:
  • Crude -6829K
  • Cushing +1144K
  • Gasoline +1083K
  • Distillates +187K
Oil prices rose about 15 cents on the headlines. That’s the largest draw of the year and it’s entirely due to a 10462K draw at PADD 3, which is on the gulf coast.
In terms of oil, one thing to watch is a potential tropical cycle in the mid-atlantic. It’s on a track that could hit the gulf and Florida.
Florida

DOE crude oil inventories for July 10 week -7.493M vs -2.098 million estimate

  
  Analysis
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DOE crude oil inventories for the week of July 10, 2020

  • crude oil inventories -7.493 million vs. -2.1 million estimate
  • gasoline inventories -3.147 million vs. -1.3 million estimate
  • distillates inventories -0.453 million vs. 1.5 million estimate
  • Cushing OK crude inventories 0.949 million vs. 2 point to 0 6 million last week
  • US refinery utilization 0.6% vs. 0.5% estimate
  • crude oil implied demand 17637 vs. 17586 last week
  • gasoline implied demand 9248.4 vs. 9290.0 last week
  • distillates implied demand 5023.7 vs. 4380.1 last week
The private API data released near the close of yesterday’s trade showed a bigger than expected drawdown of -8.322. Today’s crude oil inventory data was below the API data by about 900 K. Below are the private data results:
DOE crude oil inventories for the week of July 10, 2020
Crude oil is trading at $40.50 just prior to the report. The current price is trading at $40.64
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