- Prior was +1142K
- Gasoline -2422K vs -430K expected
- Distillates -2892K vs -69K expected
- Refinery utilization -3.0% vs -0.8% expected
- SPR draw 4.6m vs 6.9m prior
- Implied gasoline demand 8.8m vs 8.33m last week
- Overall implied demand +1.832 mbpd
API date from late yesterday:
- Crude +4150K
- Gasoline -1048K
- Distillates +438K
Oil is back on the march higher on this surprise draw. I'm looking forward to July demand data at the end of this week, it will show whether there really was demand destruction at the peak of oil/gasoline prices or whether the implied demand survey is broken.
