Clarification: Lower 48 production reported up by 600 kbbl/day from last year. It is 100k lower than last week.

MigraineCall wrote: Yet another net draw in crude, SPR, and product.

Data includes July 4 holiday Monday, so will take a week for data to wash out.

This net draw happened even while lower 48 production reported being up 600k bbls/day.

US crude inventories fell by 3.627mb last week (commercial +3.254mb, SPR -6.881mb) - EIA

EIA (wk ending 8 July)
Crude: 3.254M
Cushing: 0.316M
Gasoline: 5.825M
Distillates: 2.668M

US implied oil demand (product supplied) fell by 1.744mbpd w/w to 18.720mbpd last week w/w changes in kbpd gasoline -1351 jet fuel -437 distillate -1014 residual fuel oil +253 other oils +836 EIA