US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (11 Charts).
MAIN TAKEAWAYS
In general, crude and products inventories followed historical trends, but any way you look at it, inventories are at a comfortable level. While higher refinery utilization reduced crude inventories, inventories would have been way lower if crude exports were higher.
We will learn about the exact impact of Hurricane Beryl in the next two weeks. It is hard to predict the net impact now because hurricanes affect supply and demand.
Although prices increased on Wednesday, the increase was small and Brent prices remained below $85/b, but increased to $85.83 when markets opened in Asia opn Thursday morning.
We maintain our view that without any major political events that disrupt oil supplies, prices will move sideways. US crude inventories must decrease significantly to have an impact on oil prices.