Expectations:
- Crude +1609K vs -933K exp
- Gasoline +1764K vs +229K exp
- Distillates +5127K vs -394K exp
The huge build in distillates is a big surprise and it's certainly welcome given critically-low diesel inventories.
Late yesterday, the API reported:
- Crude -817K
- Gasoline -898K
- Distillates +2806K
These numbers are bearish oil, which was already selling off into the data. If OPEC hasn't already made up its mind, this should be a warning to them that the crude market isn't particularly tight.
Expect a big move tomorrow when the OPEC news is announced.
