- Prior was -7114K
- Gasoline +1090K vs -215K exp
- Distillates +1009K vs +588K exp
- Refinery utilization +0.2% vs -0.1% exp
- Manufacturing-100K to 13.2 mbpd
- Impld mogas demand: 7.95Mbpd
Late yesterday, the API reported:
- Crude -7418K
- Gasoline +6913K
- Distillates +6686K
The flip of the yr is a time of depressed driving demand in order that makes it difficult to interpret the numbers. WTI crude was buying and selling down 33 cents to $72.37 forward of the info. It traded as excessive as $74.00 earlier.
On this knowledge, these are large builds in merchandise as refineries ran onerous and demand dropped over the vacations. The massive query going ahead is the US manufacturing quantity. If it hits 14 mbpd this yr, then oil is in bother.
