US weekly EIA oil inventories -5054K vs -1486K expected

The consensus numbers for the EIA data:

• Crude -1486K
• Gasoline -2408K vs -933K exp
• Distillates -576K vs -839K exp
• Refinery utilization +0.3% vs +0.3% exp

API data released late yesterday:

• Oil -6083K
• Gasoline -1919K
• Distillates +1693K

These are bullish numbers but not terribly surprising given the API data released late yesterday. The market doesn't appear to be trading off of inventories or the OPEC cut that will go into effect in May. Instead, it's saying that a recession will hit demand.

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 Term crude was at the lows of the month just ahead of the data , down $1.35 to $75.72 today.