Weekly US oil inventories +5889K vs +4911K expected

Author: Adam Button | Category: News

Weekly US energy inventories and production data

  • Prior was +4580K
  • Gasoline -8430K vs -2100K exp
  • Largest gasoline inventory drop since at least 1980
  • Distillate -3220K vs -1500K exp
  • Refinery utilization -2.0% to 77.7%
  • Production +6.5%
  • Production 9.353 mbpd vs 8.781 mbpd prior
  • Production was almost back to pre-Harvey levels

Since I've been asked about it, the rebound in production was entirely expected. It happens every time there is a hurricane. Offshore rigs shut down because of the storm and came back online afterwards. Here's a chart showing US production (mbpd).

API numbers released yesterday:

  • Crude +6181K
  • Gasoline -7896K
  • Distillates -1805K
  • Cushing +1320K

My guess is that high gasoline demand is the big story here. Lots of people were rushing to fill up because of the hurricanes.   

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