US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (11 Charts)
MAIN TAKEAWAY
Directionally speaking, crude oil inventories are still following historical trends. The surprise large draw in crude was the result of increased exports and refinery utilization while imports declined.
Weekly US demand for petroleum products recovered strongly after showing weakness for a few weeks. It remains to be seen if this will become a trend.
Concerns about the decline in crude oil inventories at Cushing are overblown at this stage. We have been here before! (see Figure 11)