Highlights of the weekly US petroleum storage report:
- Oil prior was -431K
- Gasoline +12K vs -1862K expected
- Distillates -432K vs -2311K expected
- Refinery utilization +0.4% vs +0.3% expected
- Cushing -3900K
The API data released late yesterday showed:
- Oil +2320K
- Gasoline +530K
- Distillates +986K
- Cushing -3730K
WTI crude oil traded as low as $82.93 today but rebounded to $83.86 in the hour before the report.
There's talk that Cushing now only has about 4m barrels to spare before hitting operational minimums. The draws there have been relentless.
Overall, the report is bearish for energy but the dip on the short term chart was bought immediately:
