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Crude Inventories See Sizeable Draw Relative to Expectations

OIL
  • Headline crude inventories a sizeable draw at 3.3mln bbls vs. Exp. draw of 1.2mln bbls.
  • Gasoline inventories a very small draw of just 27k bbls vs. Exp. draw of 1.4mln bbls, an unexpected draw for distillates at 662k bbls vs. Exp. build of 747k bbls.
  • Refinery utilization rises 0.30% vs. exp. -0.15%, while the SPR drops 8mln bbls to 453mln bbls.

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