This was hinted at in the API numbers yesterday but it's still an astonishing build.
- Gasoline -1011K vs -560K expected
- Distillates +252K vs -1594K exp
There were some waves late yesterday when the API survey showed this:
- Crude +11.4m
- Gasoline -1530K
- Distillates -2770K
So even with this tip-off in the API report, this is still a very bearish number. That said, these numbers have been all over the place since the removal of Venezuelan sanctions so I'm guess a lot of this is invisible sanctioned oil coming back into the visible market.
WTI crude was flat today as earlier a report said OPEC+ was considering boosting output this weekend but it's under pressure after inventories. The US and Iran are also meeting today in Geneva.
WTI crude oil daily
