US weekly EIA crude oil inventories -7489K vs +92K expected
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WTI crude oil daily before the report
- Prior was +1117K
- Gasoline -2904K vs -1617K expected
- Distillates +281K vs -1617K expected
- Refinery utilization +1.7% vs +0.6% expected
API data released late yesterday showed:
- Crude -6076K
- Gasoline -5891K
- Distillates +548K
WTI crude oil was up 80-cents to $74.01 just ahead of the release.
It’s increasingly clear that the drop in oil this month was the result of a speculative blowout on fear of a global recession. As the bank run ends, the bulls are picking up the pieces.