US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (11 Charts).
MAIN TAKEAWAYS
Crude oil inventories decreased, following historical trends. Current inventory levels match that of 2019 for the same weeks.
Crude oil inventories are higher than that of last year for the same period by 10.5 mb.
Cushing continued to build as well as the SPR.
Gasoline and distillate inventories increased by more than 20 mb. While an increase at the end of the year is normal, this high level is not normal. Such an increase could be attributed to the fact that retailers did not buy at the end of the year for tax purposes. Inventories at retailer and distribution outlets are not counted in the inventories. That means we will see a major drop in gasoline and distillate inventories as soon and retailers replenish their fuel stocks.
IN DETAIL
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