Technical Analysis

US weekly EIA oil inventories -5894K vs -1657K expected

  • Prior was +10.231K
  • Gasoline +2530K vs +2140K expected
  • Distillates -242K vs +336K expected
  • Refinery utilization vs -0.1% expected
  • SPR -3.7m barrels

Private data released late yesterday offers a hint on how expectations shifted late:

  • Oil -3069K
  • Gasoline +4510K
  • Distillates +830K

The US has done a remarkable job ramping up product supplies to thwart what looked to be a problematic winter shortage but the oil side could get interesting next year again as SPR sales finally end (and buying begins).

WTI rose on the headlines.

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