Key Data Summary (Actual vs. Estimate vs. Prior)

• Crude Stock: -1.812M vs -2.310M est. (Prior +0.574M)

• Distillate Stock: +2.502M vs +1.943M est. (Prior +2.059M)

• Gasoline Stock: +6.397M vs +2.764M est. (Prior +4.518M)

• Crude Imports: +0.212M vs Prior -0.470M (no estimate)

• Refinery Utilization: +0.4% vs 0.3% est. (Prior +1.8%)

• Crude Cushing Stocks: +0.308M vs Prior -0.457M (no estimate)

Market Summary — Inventories vs. Expectations

This week’s EIA report showed a smaller-than-expected crude draw but the drawdown was less than the private data released late yesterday.

The major standout in the report today was higher than expected gasoline and distillate builds, both of which came in sharply above forecasts — a bearish signal for refined product demand. The private data also showed a gasoline in distillate build.

Crude imports flipped from a decline to a rise, refinery utilization ticked higher, and Cushing stocks increased modestly — all reinforcing a theme of supply increasing faster than demand this week.

The private data released late yesterday showed:

• Crude -4800K
• Prior was +2480K
• Gasoline +7000K
• Distillates +1000K

The price of crude oil is trading down $0.42 or -0.72% at $57.83.