US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (11 Charts).
MAIN TAKEAWAYS
Although crude oil inventories increased by more than the average expectations, they increased along historical trends. The draw in gasoline and distillate inventories also followed historical trends.
Refinery utilization remained low around 81%. Once the maintenance season is over, utilization will increase, demand for crude will increase, and inventories will start drawing.
The question for the rest of the year is: ًhat will happen to US crude exports? As long as exports are below 5 mb/d, US crude inventories will depend on US refinery utilization.