- Prior was +6926K
- Gasoline -586K vs -1876K exp
- Distillates -2111K vs -586K exp
- Refinery utilization -0.8% vs +1.5% exp
The API data from late yesterday:
- Crude +10263K
- Gasoline -3209K
- Distillates -1040K
The big build is negative for oil and it’s the second one in a row.That’s hard to believe given what’s happening in the Middle East. In terms of price action, WTI is down $2.38 to $99.02 as it looks like Trump is about to announce that he’s going to leave Iran tonight. Eyes remain on the war.
The Weekly Petroleum Status Report (WPSR) is published every Wednesday at 10:30 a.m. Eastern by the U.S. Energy Information Administration, the independent statistical arm of the Department of Energy. It provides a comprehensive snapshot of U.S. petroleum supply and demand, covering crude oil and refined product inventories, refinery inputs and utilization rates, imports, exports, production, and an estimate of products supplied (a proxy for consumption). The report covers the 50 states and the District of Columbia, with data broken out by Petroleum Administration for Defense (PAD) Districts. It is one of the most market-moving data releases in global energy trading, frequently triggering sharp intraday swings in crude oil and product futures.
Recent weeks have been dominated by the fallout from the war in the Middle East, which has disrupted flows through the Strait of Hormuz and sent Brent crude surging from roughly $62 at the start of the year to above $90 by mid-March. Against that backdrop, U.S. commercial crude inventories posted five consecutive weekly builds through March 20, rising to 456.2 million barrels—though still about 2% below the five-year average. The build for the week ending March 20 was particularly large at 6.9 million barrels, far above expectations for a 0.5 million barrel increase. Cushing, Oklahoma hub stocks rose by 3.4 million barrels that week, the most since January 2023. On the product side, gasoline inventories drew down steadily through March, while distillate stocks were mixed. Refinery utilization climbed to 92.9% by mid-March as seasonal maintenance wound down.
This article was written by Adam Button at investinglive.com.
