Weekly Oil Data
Inventories, Exports, Imports, and Refinery Utilization
MAIN TAKEAWAY
In last week’s report, we said that with US crude oil inventories standing at 455 million barrels, they were nearing a state of bearishness. The Energy Information Administration’s (EIA) inventory report today was bearish, reporting a build of a whopping 16.3 million barrels, the fourth largest build on record.
The EIA also reported today a decline in distillate inventories, reversing the upward trend of recent weeks. In our Weekly Oil Data report last week, we emphasized that global diesel inventories will remain a concern throughout the winter season. There are fears that if China’s distillate demand is higher than forecasts, the market situation could be worse than what’s currently being anticipated.