EIA weekly US oil inventories +7648K vs +2083K expected

• Prior was +16283K
• Gasoline -1856K vs +2317K
• Distillates 2698K vs -1285K
• Refinery utilization -0.6% vs -0.2% expected

Here were the API numbers, which undoubtedly leaked:

• Crude +9895K
• Gasoline +894K
• Distillates +1374K

WTI crude oil was trading at $75.54 ahead of the release and was little moved on the headline on the kneejerk.

Here is implied demand for all products from Giovanni Staunovo, which well-below last year, though the numbers were revised much higher in the summer and late last year when the monthly data was released.

Here's the gasoline implied demand, which is now tracking 2020.