- Prior was +597K
- Gasoline +1300K vs -1267K exp
- Distillates -356K vs -927K exp
- Refinery utilization +1.7% vs +0.5% exp
- Production estimate mbpd vs 12.3 mbpd prior
WTI crude oil fell into the post-OPEC cut gap about 30 minutes before the data and touched a low of $78.46 but it bounced 80-cents from there and was back above $79 ahead of the numbers.
The headline is bullish but refineries ran a bit hotter so some of that went into product inventories. Overall, there was a draw of 3637K barrels of crude and products compared to about 3200K expected so this is closer to consensus than it looks.
