Weekly Oil Data

Inventories, Exports, Imports, and Refinery Utilization (Two Tables and 9 Charts)

MAIN TAKEAWAY

1. The increase in crude oil inventories exceeded expectations. Gasoline and distillates inventories also increased.

2. There has been another release of 1.9 mb from the US Strategic Petroleum Reserve (SPR) as part of the 26 mb congressionally mandated sales for this year. An additional 6.5 mb will be released between now and the end of June.

3. Although weekly oil demand data tends to be unreliable, pay attention to the large increase in demand for products: demand for gasoline, diesel, and propane declined, while the growth in demand for jet fuel was limited for this time of the year.  The increase in demand was for “other oils”  

IN DETAIL