February 3, 2023

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US weekly oil inventories -7990K vs -2000K expected

1 min read

Big draw in US oil inventories

US weekly oil inventories
  • Prior was +90K
  • Gasoline +737K vs -731K exp
  • Distillates -2896K vs -1300K exp
  • Refinery utilization +1.1% vs +0.4% exp

API data from late yesterday:

  • Crude -7688K
  • Cushing +548K
  • Gasoline -5308K
  • Distillates -3453K

Oil is higher on the results and touched a session high of $66.73 in WTI, which would be the highest close of the year and not too far off the March spike high of $67.98 on March.

The headlines here look bullish but there were larger product draws in the API numbers. It’s tough to square given all the talk of high gasoline demand.

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