EIA Weekly Petroleum Status Report: Talking Points

• Crude oil stocks ↑4.1 million barrels, 2.7 million more than analysts predicted, but WTI bounced back after trading lower on the news
• Heat cracks reversed early gains after the stocks drew by 900,000 barrels, in line with expectations: Apr10 is now ↓$0.03 to $6.64
• Gasoline stocks built by 700,000 barrels, vs. 600,000 build expected, though the Apr10 crack reacted by ↑$0.38 to $12.96
• Oil stocks at Cushing, OK rose by 100,000 barrels, the first build since January 1
• Crude oil inputs by refineries fell by 33,000 bpd last week as refineries suppress utilization in response to weak Distillate cracks