Market Report: Weekly DOE Oil Charts - April 12, 2017

Our quick take on the WEEKLY SUPPLY ESTIMATES published by the US Department of Energy (DOE) including detailed tables and charts. This week’s highlights:

Conclusion: bullish

  • Large total petroleum draw of 4.7mb at a time when we usually build. -9.2mb draw vs seasonal -4.5mb vs. Bloomberg consensus
  • Crude draw of 4.7mb vs. seasonal
  • Interestingly Cushing built again and made new all-time high
  • Total product demand up 0.2mb/d, mostly due to large pick up in distillate demand, which seems out of whack. Total demand still roughly flat year-over-year
  • Net imports declined again and remain a few 100kb/d below last years levels
  • Sharp pick up in refinery inputs and utilization to seasonally very high levels, which should help drawing crude stocks going forward
  • Crude oil production continues to creep higher and is now 230kb/d higher than last year. We continue to ignore the balance item.

 

View the Entire Research Piece as a PDF here.


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