US weekly EIA crude oil inventories -3115K vs +367K expected

• Prior was +2588K
• Gasoline -1257K vs -1358K expected
• Distillates +427K vs -560K
• Refinery utilization +1.7% vs +0.5% expected
• Cushing +1267K
• Production 11.9 mbpd vs 12.0 mbpd prior
• SPR draw of 1.9m
• Implied demand at 20.481 mbpd, down 106K w/w
• Gasoline demand -270K bpd
• Implied mogas demand: 8.66Mbpd

API data released late yesterday:

• Crude -6.530MM (+267k exp)
• Gasoline -2.640MM
• Distillates +865K
• Cushing +883K

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