EIA Expectations: Crude -0.58M, Distillate -1.5M, Gasoline -1.4M
- Crude: -0.58M, prev. 3.82M (Private +6.6M)
- Distillate: -1.5M, prev. -1.34M (Private -1.4M)
- Gasoline: -1.4M, prev. -3.65M (Private -4.6M)
- Cushing: prev. 0.117M (Private +0.8M)
- Refining: 0.4%, prev. 1.6%
- Production: prev. 13.678M
Context
The EIA report indicates a modest draw in crude oil inventories, down -0.58M, which diverges significantly from the private forecast of a large build. The decreases in distillate and gasoline inventories suggest tightening supply, especially for gasoline, which could support prices amid ongoing geopolitical tensions. Overall, this data may boost bullish sentiment in the energy market as it conflicts with previous expectations of builds.
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