We will get the EIA data tomorrow, but tonight the API is reporting:
Either way, less than a million-bbls one way or the other is inconsequential.
- a small build in US crude oil inventories (519,000 bbls)
- but, S&P Platts is forecasting a 425,000-bbl drawdown
Meanwhile, API reports a huge drawdown of gasoline:
WTI/Brent prices up initially on talks of global conflict, but "then reality set in, as robust supply capacity from OPEC and US shale loomed large in skittish investor minds."
- a drawdown of 5.753 million bbls
- forecast: a much smaller draw of 2.3 million bbls
- crude oil increased by 0.9 million bbls -- so much for re-balancing efforts; now at 457.3 million bbls
- refinery utilization: still only 88% but increasing
- gasoline production decreased last week, averaging 9.9 million b/d
- crude oil imports increased slightly
- total products supplied over the last four-week period averaged over 19.6 million b/d, down by 3.6% from same period last year (OPEC is counting on demand bailing them out -- not seeing that yet)
- we will see the graph for gasoline demand tomorrow
- after the report, WTI was down minimally, down about 0.5% in price