Weekly Oil Data

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

MAIN TAKEAWAY

1. The decrease in crude oil inventories was a surprise. Market participants were expecting a build. 

2. There has been another release of 1.7 mb from the US Strategic Petroleum Reserve (SPR) as part of the 26 mb congressionally mandated sales for this year. An additional 4.8 mb will be released between now and the end of June.

3. Unlike last week, the EIA reported a major increase in demand for gasoline, distillates, and jet fuel, raising serious doubts about the reliability of the weekly demand data.

4. The adjustment number remains high at 13 mb.  As we stated before, the EIA is NOT able to solve this problem. 

    

IN DETAIL