US crude oil stocks posted a decrease of 4.8 MMBbl from last week. Gasoline and distillate inventories decreased by 2.4 MMBbl and 2.5 MMBbl, respectively. Yesterday afternoon, API reported a crude oil build of 0.4 MMBbl, while reporting gasoline and distillate draws of 0.88 MMBbl and 1.2 MMBbl, respectively. Analysts, to the contrary, were expecting a crude oil draw of 3.5 MMBbl. The most important number to keep an eye on, total petroleum inventories, posted a decrease of 4.9 MMBbl. For a summary of the crude oil and petroleum product stock movements, see the table below. US crude oil production decreased 100 MBbl/d last week, per the EIA. Crude oil imports were up 0.9 MMBbl/d last week, to an average of 6.9 MMBbl/d. Refinery inputs averaged 17.4 MMBbl/d (27 MBbl/d less than last week’s average), leading to a utilization rate of 94.8%. Prices extend gains due to larger than expected crude draw and total petroleum stocks withdrawal. Prompt-month WTI was trading up $1.18/Bbl, at $57.44/Bbl, at the time of writing. Prices had a busy week and continued their volatility as the market kept its focus on the developments and news regarding the US-China trade tensions, global economic health and data,… continue reading
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Source: CTRM Center