Weekly US oil inventory data
- Prior oil was +4892K
- Gasoline +654K vs -2000K expected
- Distillates +503K vs +1000K exp
- Refinery utilization +1.6% vs +0.5% exp
- Production 11.1 mbpd vs 11.1 prior
API data from late yesterday:
- Crude -6829K
- Cushing +1144K
- Gasoline +1083K
- Distillates +187K
Oil prices rose about 15 cents on the headlines. That’s the largest draw of the year and it’s entirely due to a 10462K draw at PADD 3, which is on the gulf coast.
In terms of oil, one thing to watch is a potential tropical cycle in the mid-atlantic. It’s on a track that could hit the gulf and Florida.