EIA Expectations: Crude 0.2M, Distillate -0.9M, Gasoline -1.2M

• Crude: 0.2M, prev. 17.422M (Private -0.3M)
• Distillate: -0.9M, prev. -0.010M (Private -2.8M)
• Gasoline: -1.2M, prev. -0.968M (Private +1.1M)
• Cushing: prev. 1.611M (Private -1.4M)
• Production: prev. 13.805M

Pre-release consensus lines for the weekly EIA inventory report follow a familiar sequence: the private API survey crosses first, desk expectations form around it, and the official print is then judged against both. The comparison that matters is consensus versus the private survey, since headline beats or misses relative to the latter tend to drive the knee-jerk move in WTI and the products, with reversion common once the detail is parsed. Here the private survey pointed to draws in distillates and Cushing but a build in gasoline, so a confirmed gasoline draw would be the cleaner surprise for RBOB cracks. Episodes of this kind see the initial move concentrated in the front of the curve and product spreads, with the durability of the reaction hinging on implied demand and refinery runs rather than the headline balance alone. Cushing carries particular weight when the hub is already drawing, as that feeds directly into WTI spreads versus Brent. The follow-on is whether the official production line holds trend, since output direction has historically mattered more for the medium-term balance than any single stock change.