Weekly US oil inventories
- Prior was +6866K
- Gasoline +1039 vs -1786K exp
- Distillates +3657K vs +0.877K exp
- Refinery utilization -0.4% vs +0.5% exp
- Cushing -1589K
API data released late yesterday:
- Crude -4100K
- Gasoline -1500K
- Distillates +3700K
- Cushing -1.6K exp
WTI crude oil was trading at $74.65 ahead of the report after hitting as high as $75.40 today and as low as $74.08 on OPEC news.
This report was delayed twice (for 30 mins each) due to technical issues. This report is modestly bearish due to the product builds. Note that this week is a tough read because it's coming off the July 4 holiday week.
Implied demand fell by 2.244 mbpd to 19.303mbpd. Overall stocks are at the lowest since January 2020 as excess inventory built up in the pandemic disappears.
