EIA weekly US crude oil inventories -600K vs -2348K expected

  • US crude oil inventories see smaller-than-expected decrease, leading to decline in oil prices.
oil barrel 01 June 2022
  • Prior was -708K
  • Gasoline -786K vs -1678K expected
  • Distillates -245K vs -301K expected
  • Refinery utilization -0.9% vs +0.1% expected
  • Production estimate mbpd 12.2 mbpd vs 12.3 mbpd prior
  • Impld mogas demand: 8.94mbpd vs 8.86mbpd prior

The API data released late yesterday:

  • Crude +1319K
  • Gasoline -1043K
  • Distillates +1614K

These numbers are better than the API data but still below the consensus and it's the time of year where you would expect to be seeing larger draws. Oil is lower on the data.

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