U.S. Oil Inventories Surprise: Crude Barely Rises as Gasoline and Diesel Stocks Plunge The latest U.S. inventory data is bullish for oil prices. Crude inventories increased by just 95,000 barrels, dramatically below the expected 1.58 million-barrel build. At the same time, gasoline inventories fell 2.536 million barrels, more than twice the expected draw, while distillate stocks dropped 2.228 million barrels. The key takeaway is tightening fuel supplies despite high refinery activity. Cushing crude stocks increased by 1.176 million barrels, but the sharp drawdowns in gasoline and distillates suggest strong product demand and/or constrained supply. With U.S. refineries already operating at exceptionally high utilization levels, the report could provide near-term support for crude and refined-product prices.

U.S. Oil Inventories Surprise: Crude Barely Rises as Gasoline and Diesel Stocks Plunge The latest U.S. inventory data is bullish for oil prices. Crude inventories increased by just 95,000 barrels, dramatically below the expected 1.58 million-barrel build. At the same time, gasoline inventories fell 2.536 million barrels, more than twice the expected draw, while distillate stocks dropped 2.228 million barrels. The key takeaway is tightening fuel supplies despite high refinery activity. Cushing crude stocks increased by 1.176 million barrels, but the sharp drawdowns in gasoline and distillates suggest strong product demand and/or constrained supply. With U.S. refineries already operating at exceptionally high utilization levels, the report could provide near-term support for crude and refined-product prices.

Source:https://x.com/FirstSquawk/status/2092621064690155605