- Prior was -9603K
- Gasoline -2550K vs -1417K exp
- Distillates -1045K vs +296K exp
- Refinery utilization -1.1% vs +0.1% exp
- SPR release 1.4 million barrels (the final 1.3 million barrels coming next week)
Private data from late yesterday:
- Crude -4382K
- Gasoline +1615K
- Distillates +604K
Saudi Arabia raised its selling prices today but that wasn’t entirely a surprise. The strong US dollar has cooked oil prices today with WTI down $1.18 to $70.61. I find it odd that oil has been selling off all year on recession/demand fears and now it’s selling off on rate-hike fears.