- Prior was +3475K
- Gasoline -3654K vs -2649K expected
- Distillates -1349K vs -692K expected
- Refinery utilization +1.6% vs +0.3% expected
The private oil data released late yesterday:
- Crude -1700K
- Gasoline -1800K
- Distillates -2300K
The production estimate showed the US off by 18K bpd.
This report has been very volatile this year and I suspect that’s due to Venezuelan oil going from the shadows into the official data. In any case, the market is not at all focused on weekly inventory data due to the war in Iran and today’s announcement of the release of strategic reserves. On that front, we are waiting for details of the pace of the 400 million barrel release. Those will be announced by each of the 32 countries that are said to be involved. The big ones to watch will be the US, Japan and Germany, which all have substantial reserves. China and India could also late join in (they’re not part of the IAE announcement).
As for oil, WTI crude is up $2.69 to $86.04.
This article was written by Adam Button at investinglive.com.
