Big draw in US 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.