EIA Crude +1.2 m bbls, Total petroleum drops by 3m bblsCrude exports up by 1m bpd.
Big Adjustments of 2.266 m bpd
Not a bad report during a time when we are just starting refinery turnarounds, and should be building. High demand driving season just around the corner.
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Distillates +0.2 mm barrels (vs -0.1 exp) – implied demand – up slight, still week for time of year, near 3.835 Nutshell: Positive report. Record low net imports helps. Throughput is fine.
WTI $76.50 just before report Crude – up 1.2 mm barrels (vs +1.4 exp) – throughput – down slightly week to week, just under 15 mm bopd – imports – down 0.1 mm bopd w-tiw – exports – up a whopping 1.0 mm bopd week to week
US petroleum inventories (crude, refined products, SPR) fell by 2.982mb w/w to 1,630.076mb last week - EIA
DOE: US Crude Oil Stocks +1.166M Bbl In Wk; Seen +1M Bbl
EIA data, week ending 2/25 Crude oil: +1.2M Domestic prod: 12.3MMbpd SPR: NC Cushing: +0.3M Gasoline: -0.9M Impld mogas demand: 9.11MMbpd Distillates: +0.2M Refiner utilz: 85.8% Total exports: 11.13MMbpd