EIA and API not in synch...again. Big draw.The EIA reporting a big draw where the API was reporting a build. The market was expecting a draw but not nearly as big as the one the EIA reported. Will it be bullish for oil? Should be but, it seems the only thing affecting oil pricing these days is Chinese demand news.
Summary of Weekly Petroleum Data for the week ending August 16, 2024 U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending August 16, 2024, which was 222 thousand barrels per day more than the previous week’s average. Refineries operated at 92.3% of their operable capacity last week. Gasoline production increased last week, averaging 9.8 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 6.7 million barrels per day last week, increased by 366 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 4.8% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 531 thousand barrels per day, and distillate fuel imports averaged 63 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.6 million barrels from the previous week. At 426.0 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.6 million barrels from last week and are about 3% below the five year average for this time of year. Both finished gasoline and blending components inventories decreased last week. Distillate fuel inventories decreased by 3.3 million barrels last week and are about 10% below the five year average for this time of year. Propane/propylene inventories increased by 2.0 million barrels from last week and are 14% above the five year average for this time of year. Total commercial petroleum inventories decreased by 5.9 million barrels last week.
GLTA