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.


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