US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (12 Charts).
EOA’s Main Takeaway
Surprise! While the increase in crude oil inventories fit the historical trends, crude inventories last week were lower than the bottom of the 5-year range. The trend if gasoline inventories is within historical trends but getting closer to the bottom of the 5-year average! The rise in distillate inventories was not only large, but also contrary to historical trends.
Crude exports declined sharply last week to the lowest level since March. Hurricanes most likely caused the decline.
Despite the fact that crude oil inventories are below the bottom of the 5-year range and gasoline inventories near the bottom of the 5-year range, there is nothing bullish. Both are expected to rise in the coming weeks.