The weekly EIA inventory data shows:

• crude oil inventories -3.327 million versus -4.143 million estimate
• distillates -2.107 million versus -1.024 million estimate.
• Gasoline -2.572 million versus -2.412 million estimate.
• Cushing -2.794 million versus -1.604 million last week
• refinery utilization 2.9% versus 0.7%

The private data released late yesterday showed:

The Energy Information Administration (EIA) weekly petroleum status report is one of the most closely watched releases in the oil market because it provides a snapshot of U.S. supply, demand, and storage conditions. Released each Wednesday (unless delayed by holidays), the report details changes in crude oil inventories, gasoline inventories, distillates (such as diesel and heating oil), refinery utilization, imports, exports, and domestic production. Traders compare the actual inventory change to market expectations. A larger-than-expected build in crude inventories often suggests weaker demand or excess supply and can pressure oil prices lower, while a larger-than-expected drawdown typically signals stronger demand or tighter supply and can support higher prices.

Beyond the headline crude number, traders also focus heavily on gasoline and distillate inventories because they provide insight into consumer demand and industrial activity. Refinery utilization rates are important as well, since rising refinery activity can indicate stronger fuel demand or preparation for seasonal consumption patterns such as summer driving season. The report can create significant volatility in crude oil, gasoline futures, energy stocks, and even inflation expectations because oil prices influence transportation costs, consumer spending, and broader economic conditions. Markets also compare the EIA data with the American Petroleum Institute (API) estimates released the night before, often leading to price adjustments if the two reports differ materially.