US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (11 Charts).
MAIN TAKEAWAYS
In general, crude, gasoline, and distillate inventories followed historical trends. While the increase in exports helped lower inventories, US oil demand remains weak, especially we are at the height of the summer. However, the EIA reported a major increase in oil demand in May in its monthly report that was released today, making it the highest demand for the month of May ever. We suspect that US crude oil production is lower than the 13.3 mb/d estimated by the EIA.
