Crude oil inventory build for the week of April 10
- crude oil inventory build reached 19.248 million vs 12.7 million estimate. It was the largest weekly build on record. The private API data showed a build of 13.143M barrels
- gasoline inventories showed a build of 4.914M vs 7.3M estimate
- distillates showed a build of 6.28M vs estimate of 1.6M
- Cushing OK crude oil build 5.724M vs 6.417M last week
- Gasoline demand remains depressed at 5836.4 (vs 5834.0)
- Crude oil demand 15.320M vs 16.106M last week.
The private API data yesterday showed:
- crude oil 13.143M
- gasoline 2.226M
- distillates 5.64M
- Cushing 5.361M
WTI crude oil is trading at $19.75 $-0.36 or -1.79%. The low for the day reached $19.20. The high extended to $20.89.
What is also eye opening is that gasoline demand remains depressed at 5.836M. That is just above the 5.834 level last week. The year ago level was at 10.462M (April 5 week). That is a decline of 44.2% from a year ago. That is BIG.
Below is the plunge in gasoline demand:
