US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (Two Tables and 10 Charts)
MAIN TAKEAWAY
Directionally speaking, crude oil inventories are following historical trends. The large build in crude inventories was the result of a decline in exports. It remains to be seen if this was the result of the narrowing of price differentials between Brent and WTI.
US oil demand continued to show weakness, despite the increase last week. The decline in gasoline and distillate inventories was also associated with a decline in refinery utilization.
The “adjustment” declined to a manageable number: about 1.4 mb for the week. But again, the issue is not only about large adjustment numbers, it is also about large fluctuations. The decline from last week was about 7 mb.
IN DETAIL
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