US EIA Oil inventories change: -2.547M vs -2.8M and 3.73M
- Gasoline inventories change: -2.28M vs 1.05M and 2.565M
- Distillate inventories change: -1.726M vs 1.05M and 0.881M
OIL gains slightly after EIA data, which showed slightly lower than expected (but still very high) drop in oil inventories but much higher than expected drop in gasoline inventories, signalling higher demand. The decline in refinery capacity utilization was 1.5% percentage points compared to the previous report. No change was expected. Of course, the decline in petroleum product inventories can be attributed to the drop in refinery capacity utilization, but at the same time we have a decline in inventories of crude oil itself. The report is quite bullish for oil.
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Source: xStation5
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