Conclusion: Rather underwhelming stats. Crude rallied anyway following the release as gasoline stocks drew more than expected (API reported a build)
- Total petroleum stocks were flat vs a seasonal draw of 0.9mb
- Crude continued to draw (-3.3mb vs seasonal -2.2mb). A large build in propane (+2.9mb, 1.5mb more than normal) prevented total petroleum stocks to draw
- Implied demand is again down 1mb/d, 4 week average demand remains very strong
- With imports up 0.4mb/d and exports down 0.3mb/d, net imports up 0.7mb/d wow, bringing it to just 0.5mb/d below last years levels. This has partially contributed to the inventory picture
- Refinery runs down 0.7% at 95.4%, 4-week avg. crude and gross input remain in record territory
- Crude output up 26kb/d, half of that from Alaska. Total output up 930kb/d yoy.
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