EIA weekly US crude oil inventories +5851K vs +597K expected

<ul><li><a href="https://www.forexlive.com/news/eia-weekly-us-oil-inventories-17049k-vs-1367k-expected-20230802/" target="_blank" rel="follow">Prior </a>-17049K (a record draw)</li><li>Gasoline -2661K vs -8K expected</li><li>Distillates -1706K vs +6K expected</li><li>Refinery utilization +1.1% vs 0.4% expected</li><li>Production estimate 12.6 mbpd vs 12.2 mbpd prior</li><li>Impld mogas demand: 9.30 mbpd vs 8.84 mbpd prior</li></ul><p>This one is tough to square because refineries are running harder but inventories of products continue to fall. There is suspicion growing in the market that finished product inventories are headed to multi-year lows and commercial oil inventories are as well.</p><p>API data released late yesterday:</p><ul><li>Crude +4067K</li><li>Gasoline -413K</li><li>Distillates -2093K</li></ul><p>WTI crude today is trading at the highest since last November, breaking above a series of tops in the $80-$83 range. The close today and on the weekly will be critical.</p><p>Update: The EIA says the big jump in US production last week was due to a rebenchmarking, which could be a shift of some condensate classifications into crude. </p>

This article was written by Adam Button at www.forexlive.com.