US Weekly Private Inventory Data (bbls): Crude -11.1mln (exp. +1.9mln), Gasoline +1.1mln (exp. -0.8mln), Distillate -1.5mln (exp. -2.0mln), Cushing +1.8mln

The crude draw of this size against an expected build is the headline surprise and is the kind of print that typically lifts WTI into the release, though the private survey is treated as a rehearsal for the official government figures the following morning rather than a tradeable number in its own right. The mixed product slate softens the signal: the gasoline build against an expected draw points to softer implied demand or stronger refinery runs, while distillate drawing broadly in line leaves the middle of the barrel neutral. The Cushing build matters separately, since rising stocks at the delivery point tend to weigh on the front of the WTI curve and narrow the prompt spread even when the national crude number is bullish; draws at Cushing have historically done the opposite. The established sequence is that front-month and timespread reaction to this release is often retraced or amplified depending on how the official data land, with refinery utilisation, imports, and adjustment-factor swings the usual culprits when the two diverge. Worth watching are the official stock levels, implied product demand, and whether the Cushing trend persists, as that determines whether the curve reads this as genuinely tight or as a regional reshuffle.