Market Update: Weekly DOE Oil Charts - April 28, 2017

May 3, 2017·Stefan Wieler

Our quick take on the WEEKLY SUPPLY ESTIMATES published by the US Department of Energy (DOE) including detailed tables and charts. This week’s highlights:

Conclusion: Reversal of last weeks slightly bearish stats. Only bearish point is growing supply but that can’t offset the rapid declines in inventories. Expecting large counter-seasonal draws over coming months.

  • The counter-seasonal declines in total inventories resumed this week with total stock building just 1.3mb, 5.7mb less than normal and 1.2mb less than consensus expectations.
  • Crude stocks again drew a lot more than normal (4mb vs seasonal)
  • Total product demand reversed last weeks large drop (last week was probably more of an accounting issue) , up 780kb/d w-o-w bringing total demand back to last years strong levels.
  • Net imports dropped a bit from last weeks very high number, but total net imports on y-o-y basis still slightly higher than earlier this year (down 1mb/d y-o-y)
  • Despite a slight drop in refinery utilization w-o-w, refinery utilization is still off the charts from a seasonal perspective
  • Crude oil output keeps creeping higher, +28kb/d w-o-w and now up 360kb/d y-o-y from +300kb/d y-o-y last week


View the Entire Research Piece as a PDF here.

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