- Prior was -3576K
- Gasoline +10128K vs +1775K exp
- Distillate +4418K vs +1525K exp
- Cushing -2144K
API data from late yesterday:
- Crude -6432K
- Cushing +2268K
- Gasoline +7061K
- Distillate +4380K
That's a huge build in gasoline inventories and even larger than the surprise in the API data yesterday.
WTI was at a session high of $78.39 just ahead of the report but fell to $78.08 immediately afterwards. Given reports of weak gasoline demand due to omicron, I'm skeptical of crude right now. There could also be oil futures selling on commodity index rebalancing this week and next week.
