EIA Expectations: Crude -1.75M, Distillate +0.50M, Gasoline -1.09M

• Crude: -1.75M, prev. +2.01M (Private +3.3M)
• Distillate: +0.50M, prev. +1.40M (Private +0.4M)
• Gasoline: -1.09M, prev. +0.77M (Private +0.9M)
• Cushing: prev. -0.67M (Private -0.3M)
• Production: prev. 13.798M

Weekly inventory consensus matters mainly as a positioning exercise against the private survey that precedes it, and the established pattern is that crude prices react less to the headline draw or build than to the divergence between the official print and the private estimate released the prior evening. Here the private survey showed a crude build against an expected draw, a directional split that has historically produced the sharpest reactions when the official number resolves the discrepancy. The composition of any draw also matters: a crude draw with product builds reads as weak refinery runs and tends to fade, while draws across crude and products together are treated as genuine tightness. Cushing prints carry outsized weight when stocks at the hub are already near operational lows, since that is what feeds the front of the WTI curve and the nearby spread. Worth noting is the distinction between the expectations themselves, which shift nothing, and the revision risk embedded in production estimates, which have been running high. The follow-ons are the official release itself, the refinery utilisation line that explains the crude-product split, and any implied demand signal in the gasoline balance.