US weekly oil inventories -10611K vs +450K expected

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.

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