- Prior was -7114K
- Gasoline +1090K vs -215K exp
- Distillates +1009K vs +588K exp
- Refinery utilization +0.2% vs -0.1% exp
- Production-100K to 13.2 mbpd
- Impld mogas demand: 7.95Mbpd
Late yesterday, the API reported:
- Crude -7418K
- Gasoline +6913K
- Distillates +6686K
The turn of the year is a time of depressed driving demand so that makes it tricky to interpret the numbers. WTI crude was trading down 33 cents to $72.37 ahead of the data. It traded as high as $74.00 earlier.
In this data, those are huge builds in products as refineries ran hard and demand dropped over the holidays. The big question going forward is the US production number. If it hits 14 mbpd this year, then oil is in trouble.
