EIA: Crude + SPR draws 5.21, but Products build Market expected crude to draw, but seems the gasoline and distillate has built, which will help take the pressure off higher product pricing.
Many short term bearish factors preventing a rally at the moment. Thanksgiving, China, useless Russian price cap.
However, remember OPEC on Dec 4, and the end of SPR releases shortly after.
Oil down 5% on the day yet SU is only down 0.6%? Must be good management...LOL
#EIA reports a 3.7m b drop in #crudeoil stocks despite a net 1.1m b/d jump in net imports. Production was kept unch with #gasoline (+3m) and distillate (+1.7m) stocks both rising. Implied gasoline demand (4-wk avg.) slowed 151k b/d so no pre-Thanksgiving boost there. US implied oil demand (product supplied) fell by 1.209mbpd w/w to 19.878mbpd last week w/w change in kbpd gasoline -415 jet fuel -135 distillate -17 residual fuel oil -255 propane/propylene -69 other oils -318 U.S CRUDE OIL INVENTORIES ACTUAL: -3690K VS -5400K PREVIOUS; EST -2614K U.S CUSHING CRUDE OIL INVENTORIES ACTUAL: -887K VS -1624K PREVIOUS U.S GASOLINE INVENTORIES ACTUAL: 3058K VS 2207K PREVIOUS; EST 1150K U.S DISTILLATE INVENTORY ACTUAL: 1718K VS 1120K PREVIOUS; EST 650K US crude inventories fell by 5.291mb last week (commercial: -3.690mb; SPR: -1.601mb) EIA #oott EIA data, week ending 11/18 Crude oil: -3.7M Domestic prod: 12.1MMbpd SPR: -1.6M Cushing: -0.9M Gasoline: +3.1M Impld mogas demand: 8.33Mbpd Distillates: +1.7M Refiner utilz: 93.9% Total exports: 9.93MMbpd #oil #OOTT #gasbuddy #eia