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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