US weekly oil inventories -679K vs -1980K expected

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

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