Weekly Oil Data
Inventories, Exports, Imports, and Refinery Utilization
MAIN TAKEAWAYS
It has now become clear that the large build in US inventories over the past weeks was the result of the latest winter storm and year-end accounting issues. Meanwhile, the EIA reported today a small build in crude and gasoline inventories, while distillate inventories, as expected, are still declining. As we said in our previous newsletters, the low levels of distillate inventories will remain a concern throughout this winter.