EIA confirms API yesterday: Big Draws across the boardOK. Markets are nervously waiting for the shoe to drop, but with the slight reduction in demand so far, it just ain't happening.
Demand destruction is going to have to get a whole lot worse in order to start to slow down these massive decreases in inventories week by week across the board. How long till the market wakes up?
US crude inventories fell by 10.127mb last week (commercial -4.523mb, SPR -5.604mb)
U.S CRUDE OIL INVENTORIES ACTUAL: -4523K VS -445K PREVIOUS; EST -1500K
U.S CUSHING CRUDE OIL INVENTORIES ACTUAL: 751 VS 1143K PREVIOUS
U.S GASOLINE INVENTORIES ACTUAL: -3304K VS 3498K PREVIOUS; EST -1000K
U.S DISTILLATE INVENTORY ACTUAL: -784K VS -1295K PREVIOUS; EST -500K
EIA data, week ending 7/22
Crude oil: -4.5M
Domestic prod: 12.1MMbpd
SPR: -5.6M Cushing: +0.7M
Gasoline: -3.3M
Impld mogas demand: 9.25MMbpd
Distillates: -0.8M
Refiner utilz: 92.2%
Total exports: 10.87MMbpd
US implied oil demand (product supplied) fell by 1.049mbpd w/w to 19.976mbpd last week w/w changes in kbpd :
gasoline +724
jet fuel +27
distillate +53
residual fuel oil +13
propane/propylene -506
other oils -1460