Crude oil inventory data
- Crude oil inventory draw of -2.170M vs -0.320M estimate. The private report showed a draw of -1.6 million barrels.
- Distillates build of 0.398M vs -1.298M estimate. The private report showed a drawdown of -1.7 million barrels.
- Gasoline build of 1.027M vs -0.120M estimate
- Refining capacity -2.4% versus -0.4% expected
- Cushing inventories -0.943M versus -2.064M last week
- production unchanged at 12.9 million barrels
Crude oil was trading at $92.61 just before the release. The price is little changed post the data.
Looking at the chart of the inventory data going back to February, the drawdowns have been much larger indicative of strong demand.