Weekly EIA oil inventory data
The weekly EIA inventory data showed a surprise 1245K build vs an expected draw of -5000K
- Gasolinne -1505K vs -750K expected
- Distilates 134K vs -685K expected.
- US refinery utilization -0.40% vs 0.00% expected
- Implied demand 19777 vs 20669 last week
- weekly net crude imports of 1.0 million BPD to 6.72 million BPD
- total US product demand over past 4 weeks 20.9 million BPD, up 1.4% from year ago
- gasoline demand over past 4 weeks 9.7 million BPD, up 1.2% from year ago
The private API data reported last night showed:
- Crude -4.5M drawdown
- Gasoline -3M drawdown
- Distitate -0.438M drawdown
The price of crude oil has moved lower after the surprise build. The price is currently down -$0.84 at $73.30. The low reached $72.95.
