Details of the weekly oil inventory report from the American Petroleum Institute

  • Prior was +2350K
  • Cushing -1300K
  • Gasoline +760K
  • Distillates +270K

via @zerohedge.

WTI crude was at $50.39 ahead of the release.

The American Petroleum Institute data is out earlier to their subscribers (at 4.30pm ET) and released publicly at 4.35pm ET.

Expectations generally match the official data from the EIA. Those consensus estimates are as follows:

  • Crude oil -3138K
  • Gasoline -1305K
  • Distillates -504K
  • Refinery utilization +0.5%

For the API numbers, the headline draw is a bit larger than expected and that's bullish but it's offset but unexpected builds in gasoline and distillates and oil prices have slipped lower.