This was hinted at in the API numbers yesterday but it’s still an astonishing build.

• Gasoline -1011K vs -560K expected
• Distillates +252K vs -1594K exp

There were some waves late yesterday when the API survey showed this:

• Crude +11.4m
• Gasoline -1530K
• Distillates -2770K

So even with this tip-off in the API report, this is still a very bearish number. That said, these numbers have been all over the place since the removal of Venezuelan sanctions so I’m guess a lot of this is invisible sanctioned oil coming back into the visible market.

WTI crude is flat today as earlier a report said OPEC+ was considering boosting output this weekend. The US and Iran are also meeting today in Geneva.