Weekly Oil Data
Inventories, Exports, Imports, and Refinery Utilization
MAIN TAKEAWAYS
Another large build in crude inventories was reported today by the EIA. We believe this to be the result of a slow return of refineries that were shut in during the storm and the continuous adjustments of the balance of oil imports and exports for the last three weeks. But regardless of the reasons, current inventories are at normal levels.
With respect to the ongoing decline in distillate inventories, and as we noted in our previous newsletters, this will remain a concern throughout the winter season.