US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (Two Tables and 10 Charts)
MAIN TAKEAWAY
According to the weekly data of the Energy Information Administration (EIA), US oil demand remains robust despite the decline in demand last week. The decline was only in jet fuel and other oils. Yet, it was more than 300,000 b/d higher than the same week last year.
The EIA also reported a relatively large decrease in crude oil inventories. We are only 17 mb away from a critical point with inventories going below 400 mb.
The government added 0.8 mb of sour crude to the SPR last week.
Last week, the EIA announced a major change in supply calculation that should reduce the adjustment number. It was surprising to see a major jump last week. The adjustment was close to 8.4 mb. We will be releasing a detailed report on this tomorrow morning.