Crude Oil Weekly Storage Report - API preview

dan_s · Post by **dan_s** » Tue Mar 13, 2018 5:06 pm

The American Petroleum Institute reportedly shows a build of 1.15M barrels of crude oil for the week ending March 9, vs. a build of 5.66M last week.
Gasoline reportedly shows a draw of 1.26M barrels and distillates show a draw of 4.26M barrels.

The build in crude oil is way below where it needs to be for this time of year. Gasoline and distillate draws are obviously bullish. Distillates includes heating oil, which is certainly getting burned up in the Northeast these days. The draw on gasoline is somewhat surprising.

Refineries are coming out of maintenance season and they will be sucking hard on crude oil inventories in April.