US crude oil stocks posted an increase of 1.6 MMBbl from last week. Gasoline and distillate inventories decreased by 1.4 MMBbl and 1.9 MMBbl, respectively. Yesterday afternoon, API reported a crude oil build of 3.7 MMBbl, while reporting a gasoline build of 3.7 MMBbl and a distillate draw of 1.3 MMBbl. Analysts, to the contrary, were expecting a crude draw of 2.8 MMBbl. The most important number to keep an eye on, total petroleum inventories, posted an increase of 2.4 MMBbl. For a summary of the crude oil and petroleum product stock movements, see the table below. US crude oil production remain unchanged last week, per the EIA. Crude oil imports were up 0.57 MMBbl/d last week, to an average of 7.7 MMBbl/d. Refinery inputs averaged 17.3 MMBbl/d (0.48 MMBbl/d less than last week’s average), leading to a utilization rate of 94.8%. Prices drop due to crude oil and total petroleum stocks inventory build. Prompt-month WTI was trading down $2.37/Bbl, at $54.73/Bbl, at the time of writing. Prices soared nearly 5% on Tuesday due to easing US-China trade tariff issues, with the additional US tariffs on Chinese goods being delayed, making up some of the losses seen in the first… continue reading
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Source: CTRM Center