Expectations:
- Crude +1609K vs -933K exp
- Gasoline +1764K vs +229K exp
- Distillates +5127K vs -394K exp
The massive construct in distillates is a giant shock and it is definitely 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 promoting off into the info. If OPEC hasn’t already made up its thoughts, this must be a warning to them that the crude market is not significantly tight.
Anticipate a giant transfer tomorrow when the OPEC information is introduced.
