December 7, 2022

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US weekly EIA oil inventories -7897K vs -4359K expected

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Weekly US oil inventories

  • Prior was +6866K
  • Gasoline +1039 vs -1786K exp
  • Distillates +3657K vs +0.877K exp
  • Refinery utilization -0.4% vs +0.5% exp
  • Cushing -1589K

API data released late yesterday:

  • Crude -4100K
  • Gasoline -1500K
  • Distillates +3700K
  • Cushing -1.6K exp
WTI crude oil was trading at $74.65 ahead of the report after hitting as high as $75.40 today and as low as $74.08 on OPEC news.

This report was delayed twice (for 30 mins each) due to technical issues. This report is modestly bearish due to the product builds. Note that this week is a tough read because it’s coming off the July 4 holiday week.

Implied demand fell by 2.244 mbpd to 19.303mbpd. Overall stocks are at the lowest since January 2020 as excess inventory built up in the pandemic disappears.


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