US petroleum inventory data
- Prior was -6718K
- Gasoline -6076K vs -2176K
- Distillates +1616K vs +171K exp
- Refinery utilization -0.7% vs +0.4% exp
We’re in the heart of driving season at the moment and can expect draws for another eight weeks. The headline draw isn’t as great as it looks because an even larger draw came in yesterday’s API report. The big draw in gasoline comes as a surprise as refinery runs slowed.
- Crude -7986K
- Gasoline -2736K
- Distillates +1086K
- Cushing +152K
WTI crude has rallied to $72.13 from $71.80 before the report. Looking at the hourly chart, if it can get back above $73.35, it can chew into yesterday’s gap with clean air up to $73.00 at least. That’s going to need some help from the broader risk trade or OPEC.