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EIA weekly US oil inventories +10176K vs +492K expected

US oil

EIA weekly US oil inventories +10176K vs +492K expected

  • Prior was -2224K
  • Gasoline -1313K vs -800K expected
  • Distillates -1837K vs -802K expected
  • Refinery utilization -1.6% vs -0.4% expected
  • Implied mogas demand 8.58m vs 8.01m prior
  • Domestic production 13.2 mbpd vs 12.9 mbpd prior

API data released late yesterday:

  • Crude -12940K
  • Cushing -547K
  • Gasoline +3645K
  • Distillate -3535K

The spread between gasoline and disillates is getting interesting. There's a shortage of diesel but an excess of gasoline but it's so wide on distillates that refineries will run hard and flood the market with gasoline because the cracks are still so great on diesel.

Total inventories rose by 6.928 million barrels but the market was largely expecting it after the private data yesterday.

This article was written by Adam Button at www.forexlive.com.


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