EIA weekly crude oil inventories +5040K vs -920K expected

• Prior was +2951K
• Gasoline -1381K vs -1060K exp
• Distillates +80K vs +57K exp
• Refinery utilization +1.0% vs +0.5% exp
• Production estimate 12.2mbpd vs 12.3 mbpd prior

The API data released late yesterday showed:

• Crude +3690K
• Gasoline -2460K
• Distillates -886K
• Cushing +2870K

WTI WTI WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o Read this Termcrude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Term was trading higher by 75-cents to $71.61 ahead of the data but this is a bearish release and it's fallen about 20-cents since.

Other oil headlines today:

• Russia says it has completed production cuts of 500K bpd
• Iran's oil minister says the market is on track and in balance

In this report, implied motor gasoline demand was 8.91mbpd, which was a sharp drop from 9.3 mbpd a week ago but up from 8.62mpbd two weeks ago. We'll get into the summer driving season with Memorial Day in less than two weeks.