oil was just below the 200dma ahead of the release
- Prior was +5946K
- Gasoline -1066K vs -1577K expected
- Distillates +14K vs +460K expected
- Refinery utilization +0.6% vs +0.0% expected
- Production estimate 12.3 mbpd vs 12.3 mbpd prior
- Impld mogas demand: 8.86mbpd
Refineries ran hard last week in an attempt to build product inventories ahead of driving season.
The API data released late yesterday:
- Crude -797K
- Gasoline -2800K
- Distillates -100K
Oil hasn’t traded above the 200-day moving average since August of last year, it was trading at $76.66, just before the data. I wouldn’t expect any buying on this data, especially with resistance ahead and the US dollar rising. The good news for bulls is that SPR releases are now fully complete SPR stocks rose by 1000 barrels with more builds set to come in September.