- US petroleum inventory data
- Prior crude +18962K
- Gasoline +3483K vs +2529K exp
- Distillates -1939K vs +122K exp
- Refinery utilization +1.2% vs +3.8% exp
- The SPR draw last week was nil last week
API data from late yesterday:
- crude oil +7615K
- gasoline +2810K
- Distillates -1800K
- Cushing +3700K
Winter freeze offs at refineries have made these numbers volatile for a few weeks. There have been some huge builds but the market has been able to look through it. One of the reasons for the large build this week was that refineries haven’t ramped up as quickly as forecast.
In any case, oil dipped a few cents on the release then bounced and touched new highs.
I’m starting to get suspicious that API data is leaking.