• Prior was -913K
• Gasoline -4570K vs -1494K expected
• Distillates -3427K vs -2458K expected

API data from late yesterday:

• Crude -4400K
• Gasoline -5165K
• Distillates -4590K

For background, the Weekly Petroleum Status Report (WPSR), published by the U.S. Energy Information Administration, is the most closely watched read on U.S. oil and refined product inventories and a key driver of short-term moves in crude prices. Released every Wednesday at 10:30 a.m. ET (or Thursday after a Monday holiday), it covers the week ending the prior Friday and provides national and regional data on commercial crude oil stocks, gasoline and distillate inventories, refinery utilization, imports and exports, and implied product demand. Inventories at Cushing, Oklahoma — the delivery hub for NYMEX WTI futures — are watched especially closely as a barometer of physical balance in the U.S. market. The WPSR is typically previewed the prior afternoon by the American Petroleum Institute’s private survey, and any divergence between the two often drives the immediate price reaction.

Recent reports have pointed to a steady seasonal build. Crude inventories rose 3.8 million barrels in the week ending March 6, then climbed by 6.2 million, 6.9 million, and 5.5 million barrels in the following weeks, lifting total commercial stocks to 461.6 million barrels by March 27 — about 0.1% above the five-year average. The April 8 release showed another 3.1-million-barrel build for the week ending April 3, well above expectations near 700,000, pushing inventories to 464.7 million barrels and roughly 2% above the five-year norm. The most recent report, covering the week ending April 10, was published April 15; the next release is scheduled for April 22.