- Prior crude -446K
- Gasoline -3304 vs -857K expected
- Distillates -748 vs +500K expected
- Cushing +751K
- Refinery utilization -1.5%
- US implied oil demand (product supplied) fell by 1.049 mbpd
- Implied motor gasoline demand 9.25mbpd vs 8.52mbpd last week
The SPR drew by another 5604K barrels, which continues to run shy of the 1 mbpd target.
The API numbers from late yesterday
- Crude -4037K
- Gasoline +1060K
- Distillates -550K
Crude oil softened ahead of the release:
Crude has traded around $95.40 in the aftermath. That's a surprising draw but the implied demand numbers continue to run soft, which is very strange given that we're in the summer driving season. There was a bounce in gasoline demand this week but not quite as strong as the bulls would hope given how poor the past two weeks were and how gasoline prices have fallen.
Another notable details is that US crude oil exports hit a record 4.55 million barrels per day (h/t @priapusIQ). With the brent-WTI spread at nearly $10, that will remain high.
