Department of Energy crude oil inventory data for the week of April 24
- crude oil build of 8991K versus estimate of 11900K
- gasoline -3669K vs estimate of plus 2492K
- distillates plus 5092K vs 4100K estimate
- Cushing 3637K vs 4776K last week
- US refinery utilization 2.0% versus -0.8% estimate and -1.5% last week
- crude oil implied demand 16118 versus 14991 last week
- gasoline implied demand 6764.3 versus 6095.4 last week
- distillates implied demand for 489.6 versus 3987.9 last week
The gasoline implied demand plunged over the last few weeks but saw a modest rebound. The price of crude oil has obviously been impacted by the Saudi/Russian price for last month and the coronavirus impact on demand. If the economy is reopened, demand should increase. However there still remains a huge supply to work through.
The price of the June crude oil contract is up $3.22 or 26% at $15.55. The high price today has reached $15.95
The July contract is up around $2 or 11.25% at $19.59. The high price reached $19.79
