US weekly crude oil inventories -3326K vs -1483K expected
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- Prior was -3282K
- Gasoline -1172K vs -1178K expected
- Distillates +111K vs +960K expected
- Refinery utilization -1.1% vs -0.4% expected
- Implied gasoline demand m vs 8.43m last week
- SPR draw of 3.1m vs 8.1m prior
Here’s what the API reported late yesterday:
- Crude +593K
- Gasoline -3414K
- Distillates -1726K
- Cushing -599K
WTI crude oil was down $1.43 to $90.66 ahead of the data after trading as low as $88.45. The initial reaction was a 20-cent rise higher.