Weekly Oil Data

Inventories, Exports, Imports, and Refinery Utilization

MAIN TAKEAWAY

The Energy Information Administration (EIA) reported today another crude build but the draws in gasoline and distillate inventories were large. Both imports and exports declined slightly, while the level of crude inputs into refineries was virtually flat.  The “adjustment”, meanwhile, was large: about 14 million barrels (mb) for the week.

When everything related to crude is almost flat, and there’s a large adjustment, it is clear then that we have a data quality problem.  The story now is products’ story since the level of inputs into refineries is almost flat while demand increased by about 900,000 barrels per day (b/d) WoW, especially gasoline.  

IN DETAIL