EIA Expectations: Crude -0.6M, Distillate -1.0M, Gasoline -2.0M
- Crude: -0.6M, prev. 6.15M (Private +2.3M)
- Distillate: -1.0M, prev. -2.52M (Private +1.4M)
- Gasoline: -2.0M, prev. -5.43M (Private +0.5M)
- Cushing: prev. 0.944M (Private +4.0M)
- Refining: 0.3%, prev. 0.6%
- Production: prev. 13.668M
Context
The latest EIA figures indicate a decrease in crude, distillate, and gasoline inventories, which could suggest tightening supply conditions. The crude draw of 0.6M, although an improvement from the previous build, diverges significantly from private forecasts, which could lead to market volatility. Overall, this data could support higher oil prices as it signals potential supply constraints moving forward.
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