Weekly US oil inventory data
- Crude -6645K vs -800K exp
- Gasoline +4259K vs +2100K exp
- Distillates -1732K vs -1327K exp
- Refinery utilization +0.7% vs -0.1%
- Cushing -658K
API data from yesterday:
- Crude oil -3500K
- Gasoline +4810K
- Distillates -487K
- Cushing -1378K
WTI crude rebounded to $58.40 from $58.15 on the data.
US implied oil demand rose 1.655mbpd week-over-week to 20.183mbpd last week with propane driving it on cold weather.
Meanwhile, US gasoline inventories are at the highest since June 2020 after three weeks of large gains. Some of that is going to be exported but refiners appear to be getting ready for summer driving season early.
