Weekly oil inventories in the United States
- Prior to that, it was +6866K Gasoline +1039 vs -1786K experience.
+3657K for distillates vs. +0.877K for exp
- Refinery utilization -0.4% vs. +0.5% in the previous year
- Cushing -1589K
Late yesterday, API data was released:
- -4100K (crude)
- -1500K for gasoline
- +3700K distillates
- Cushing -1.6K experience points
WTI crude oil was trading at $74.65 ahead of the announcement, having risen to $75.40 earlier and fallen to $74.08 on OPEC news.
Due to technical difficulties, this report was delayed twice (30 minutes each time). Because of the product buildup, this report is slightly pessimistic. This week is a difficult read because it follows the July 4th holiday week.
Implied demand dropped by 2.244 million barrels per day to 19.303 million barrels per day. As surplus inventory built up during the epidemic diminishes, overall stockpiles are at their lowest level since January 2020.