US weekly oil inventories +6088K vs +702K expected

Weekly US petroleum inventory data

  • Prior was +2346K
  • Gasoline -1958K vs -83K expected
  • Distillates -24K vs -933K expected
  • Refinery utilization -2.9%
  • Cushing -1968K

I wouldn’t put too much stock in those ‘consensus’ numbers after the API data from late yesterday:

  • Crude +5213K
  • Gasoline -4575K
  • Distillates -2707K
  • Cushing -2275K

WTI crude oil chart:

There was some hefty refinery downtime and you also have imports from Canada rising on the commissioning of Enbridge’s Line 3.

Oil prices quickly fell to $80.95 from $81.25 on the headlines.

Oil chart

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