EIA weekly oil inventories -6422K vs -3544K expected

Weekly data from the EIA

  • Crude prior -1529K
  • Distillates -1688K vs -1612K expected
  • Gasoline 1858K vs -1957K expected

Yesterday’s private data from the API:

  • Crude -5437K
  • Gasoline -2716K
  • Distillates -2888K
  • Cushing -1345K

The US SPR stocks fell by 529K bpd. US agsoline demand over the past four weeks is running at 9.41 mbpd.

There has been some minor buying on this but oil had already been sizzling today on expectations that some natural gas power demand will be switched to petroleum due to the energy crisis ongoing in Europe and elsewhere.

oil chart
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