US weekly oil inventories -679K vs -1980K expected
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Weekly US oil inventory data
- Prior was -754K
- Gasoline +3491K vs +2000K exp
- Distilltes+3238K vs -1500K exp
- Refinery utilization -0.5% vs +0.6% exp
The headline is modestly bullish but those are large builds in products. There’s also some talk today about weak retail gasoline demand. There’s a slight rise in oil prices on this but that looks like buyers waiting in the weeds to me.
The API numbers late yesterday:
- Crude +4146K
- Gasoline +3402K
- Distillates +334K
- Cushing -132K