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US EIA weekly crude oil inventories -4089K vs -2928K exp

July 28, 2021 by admin 0 Comments

US petroleum inventory data from the EIA

Prior was +2108K
Gasoline -2253K vs -916K exp
Distillates -3088K vs -435K exp
Refinery utilization -0.3% vs +0.4% exp

Late yesterday the API numbers were:

Crude -4728K
Gasoline -6226K
Distillates -1882K
Cushing -126K

The gasoline draw wasn’t going to be as high as the API data but the distillate draw is a surprise. Airlines are telling pilots to conserve fuel by flying lower so that’s a sign of demand. Driving data also suggests strong US gasoline pulls going forward.

WTI is up about 15-cents in the aftermath of the release:

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This article was originally published by Forexlive.com. Read the original article here.