US weekly EIA crude oil inventories -3739K vs -2329K expected | Forexlive

• Prior was -7489K
• Gasoline -4119K vs -1729K expected
• Distillates -3632K vs -396K expected
• Refinery utilization -0.7% vs +0.3% expected
• Cushing -970K vs -1632K prior

API data released late yesterday showed:

• Crude -4346K
• Gasoline -3970K
• Distillates -3693K

WTI is modestly higher on the data, which confirms the tightness in the API data. We’re not into the seasonal drawdown period yet so these are some meaningful pulls but come after a long period of huge builds and confidence in the data overall is low.

In other oil news, Saudis have hiked crude prices by 30-cents to Asia.