US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (11 Charts).
MAIN TAKEAWAYS
This crude build was not only surprising because a draw was expected, but also because of its large size. Prices declined by an additional 2% on the news.
It looks like current inventories are following that of 2019 as shown in Figure (1) below. Most of the reported increase was caused by a large decline in exports and a decline in refinery utilization. Crude inventories should start being withdrawn soon and both refinery utilization and exports should increase.