Weekly US oil inventories
The larger drawdwon isn't a huge surprise given that API inventories showed at 2900K draw.
- Gasoline inventories +460K vs -790K exp
- Distillates +114K vs +810K exp
- Refinery utilization -1.5% vs +0.31% exp
- Production 9.589 mbpd vs 9.610 mbpd previously (down 0.021%)
- Inventories at Cushing +112K vs -837K exp
Oil prices down to $60.71 from $61.15 before the report.
There is still a massive inventory overhang in the US. It's beginning to subside but that's a normal seasonal pattern as the summer driving season begins.
