US Weekly Private Inventory Data (bbls): Crude +4.2mln (prev. -0.3mln), Gasoline -3.2mln (prev. +1.1mln), Distillate -0.5mln (prev. -2.8mln), Cushing +1.0mln (prev. -1.4mln)

The private survey is the customary preview of the official government release that follows it the next morning, and the established pattern is that front-month crude takes its initial cue from the crude line here, then re-rates on the official figures depending on how far the two diverge, since the survey has historically been a directional rather than precise guide. The current set is internally mixed: a crude build alongside product draws is the classic signature of heavy refinery runs rather than of weak demand, and episodes of this kind have tended to read as neutral to supportive for crack spreads while capping the flat price. The Cushing build matters separately because that hub anchors the front of the WTI curve, and sustained builds there have historically been associated with a softening of nearby timespreads. The distinction worth drawing is between a one-off build driven by imports or refinery maintenance, which fades, and a run of consecutive builds, which has tended to pressure the curve structure. The follow-ons are the official confirmation, the refinery utilisation line within it, and whether product draws persist into the driving season.