US Weekly Oil Data

US Inventories, Exports, Imports, and Refinery Utilization (12 Charts).

MAIN TAKEAWAYS

Net imports continued to affect crud inventory levels as we have been discussing in the last three weeks.  Crude oil inventories increased, while market participants were expecting a decrease.   In general, higher refinery utilization and higher exports will lower inventories.  Historical trends point to a decline in inventories. 

However, weekly demand data are bearish, but weekly demand data are questionable.  We expect the monthly data to show a more bullish picture as it did in the previous month. 

IN DETAIL