Weekly DOE Oil Charts - September 9, 2017 - Research

Conclusion: The weekly DOE statistics are heavily impacted by the aftermath of hurricane Harvey in this weeks stats and will remain impacted for a few weeks. This weeks inventory build in crude was less than the market had expected, but it’s mostly due to weak imports. We expect more crude at sea to come ashore over the coming weeks, which means crude inventory data will continue to look bearish even as refiners coming back.

Total petroleum build of 0.2mb, slightly below seasonal average. However, as expected, crude built heavily (5.9mb vs - 2.4mb seasonal) while mogas and distillates drew heavily (-8.4mb and -3.2mb respectively)
Implied demand stayed high at 19.8mb/d but that number has to be taken with even a larger grain of salt thatn usual given the disruptions caused by the storm
Exports snapped back heavily by over 1.5mb/d but still well below pre-storm levels. At the same time, imports came in even lower than last week (down 0.5mb/d wow). This lead to a sharp drop in net imports by over 2mb/d (however, last week saw a large increase in net imports as exports declined twice as much as imports). We expect imports to rebound
Refinery runs dropped further by 2% to 77.7%. This number will be sharply higher in next weeks stats.
Crude output came back sharply by close to 600kb/d, reversing most of last weeks decline of 750kb/d.

View the Entire Research Piece as a PDF here.

The views and opinions expressed in this article are those of the author(s) and do not reflect those of Goldmoney, unless expressly stated. The article is for general information purposes only and does not constitute either Goldmoney or the author(s) providing you with legal, financial, tax, investment, or accounting advice. You should not act or rely on any information contained in the article without first seeking independent professional advice. Care has been taken to ensure that the information in the article is reliable; however, Goldmoney does not represent that it is accurate, complete, up-to-date and/or to be taken as an indication of future results and it should not be relied upon as such. Goldmoney will not be held responsible for any claim, loss, damage, or inconvenience caused as a result of any information or opinion contained in this article and any action taken as a result of the opinions and information contained in this article is at your own risk.