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.