US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (11 Charts).
MAIN TAKEAWAYS
The decrease in crude and the increase in product inventories followed historical trends. Oil prices increased on general positive momentum in the market and lower US dollar, even the Dow went up to a record high.
Some of the decline in crude inventories is related to the impact Hurricane Beryl, hence, it is not related to market forces. In fact, reporting delays or problems are common during hurricanes.
Despite the decline in crude inventories, low crude exports remain a concern: once refineries go to maintenance and reduce their runs, their demand for crude will decline. Exports are key for future declines in inventories.