US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (11 Charts).
MAIN TAKEAWAYS
Most changes in inventories were along historical trends, especially gasoline. The rise in refinery utilization helped with crude draw, but as we mentioned last week, the impact will come from net imports. While imports increased by 0.787 mb/d, exports increased by 1.734 mb/d. The net was an increase in exports of about 7 mb last week. The continued return of refineries form maintenance season will increase the demand for crud in general and will also increase the demand for US crude exports, which will lead to lower crude inventories.