US EIA Weekly Crude Oil Inventories +3954K vs. -1912K Expected

• Before it was -6307K
• Gasoline +5560K versus +237K expected
• Distillates +3931K vs +1303K expected
• Use of refineries +0.6% against -0.4% expected
• Production estimate at 12.9 mbd compared to 12.8 mbd previously
• Impld demand for mogas: 8.31 mb/d compared to 9.32 mb/d previously

This is a big drop in the weekly gasoline demand figure, but not a huge surprise given the usual post-Labor Day drop and the volatility of the numbers.

Previously released API data showed:

• Raw +1174K
• Gasoline +4210K
• Distillates +2592K

WTI crude oil was down 16 cents before the data was released.