Weekly oil supply and production data from the EIA
- Prior was +2276K
- Imports fell 1.85 million barrels per day
- Gasoline -4211K vs -750K exp
- Distillates +3382 vs +1150K exp
- Refinery utilization +0.9% vs -0.4% exp
- Production -0.4% to 8.458 mbpd
That's the second-largest drawdown on record. It was largely due to an 8.7 million draw in PADD3, which is on the Gulf coast so expect a rebound.
If you extract from the import data, 12.95 million barrels weren't imported, largely due to the storm. That essentially covers the miss. Imports to PADD 1 were also down; that's the East Coast, which was also affected by the storm. PADD 1 oil supplies fell 3.1 m barrels.
The fall in production may also be Gulf related. There was talk that the storm took out around 150k bpd last week.
