US Weekly Oil Data

US Inventories, Exports, Imports, and Refinery Utilization (Two Tables and 9 Charts)

MAIN TAKEAWAY

1. Crude and products inventories declined but failed to support prices.

2. There has been another release of 1.5 mb from the US Strategic Petroleum Reserve (SPR) as part of the 26 mb congressionally mandated sales for this year. An additional 1.4 mb is still due to be released.

3. The EIA reported a major increase in oil demand with a noticeable increase in gasoline and distillate demand. However, jet fuel demand declined.

4. Although the EIA’s “adjustment” almost vanished last week, this large swing is a concern of its own. The fact that the adjustment almost vanished does not mean that the EIA solved the problem. We need low numbers for several weeks to conclude that the problem is solved.

   IN DETAIL