- Prior was +2951K
- Gasoline -1381K vs -1060K exp
- Distillates +80K vs +57K exp
- Refinery utilization +1.0% vs +0.5% exp
- Production estimate 12.2mbpd vs 12.3 mbpd prior
The API data released late yesterday showed:
- Crude +3690K
- Gasoline -2460K
- Distillates -886K
- Cushing +2870K
WTI crude oil was trading higher by 75-cents to $71.61 ahead of the data but this is a bearish release and it's fallen about 20-cents since.
Other oil headlines today:
- Russia says it has completed production cuts of 500K bpd
- Iran's oil minister says the market is on track and in balance
In this report, implied motor gasoline demand was 8.91mbpd, which was a sharp drop from 9.3 mbpd a week ago but up from 8.62mpbd two weeks ago. We'll get into the summer driving season with Memorial Day in less than two weeks.
