Prior was -7974K Gasoline K vs -471K expected Distillates K vs -488K expected API data from late yesterday: Crude -9120K Gasoline -1190K Distillates +1320K That API crude number was an eye-opener and it’s part of why WTI is bid today, up $1.59 to $89.81.
Back-to-back draws of this size would suggest the market is tighter than the headlines imply, particularly with refinery runs seasonally strong and exports humming
We’re also just getting into the summer driving season. The EIA weekly petroleum status report is published every Wednesday at 10:30 am ET by the US Energy Information Administration, the statistical arm of the Department of Energy. It’s the most closely watched snapshot of US oil supply and demand.
The headline number is the weekly change in commercial crude oil inventories, which excludes the Strategic Petroleum Reserve. Alongside it, the report shows changes in gasoline and distillate stockpiles, refinery utilization rates, domestic crude production, imports and exports, and implied demand via product supplied. Inventory draws signal demand outpacing supply and are generally bullish for prices; builds suggest the opposite.