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Headline Oil Inventories See Sizeable Draw vs. Forecast

CRUDE
  • Headline crude stocks see a sizeable draw of 7mln bbls vs. Exp. draw of 108k bbls
  • Gasoline sees a larger than expected draw: 4.6mln bbls vs. Exp. draw of 812k bbls, with distillates see a build of 766k bbls vs. Exp, build of 1.1mln bbls
  • Refinery utilization drops 0.8% vs. Exp. drop of 0.17%, while the SPR drops another 3.4mln bbls to 461mln bbls.
  • Data shows that US crude exports surged to a record level, with European replacing Russian oil with US imported products.
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  • Headline crude stocks see a sizeable draw of 7mln bbls vs. Exp. draw of 108k bbls
  • Gasoline sees a larger than expected draw: 4.6mln bbls vs. Exp. draw of 812k bbls, with distillates see a build of 766k bbls vs. Exp, build of 1.1mln bbls
  • Refinery utilization drops 0.8% vs. Exp. drop of 0.17%, while the SPR drops another 3.4mln bbls to 461mln bbls.
  • Data shows that US crude exports surged to a record level, with European replacing Russian oil with US imported products.