Market Report: Weekly DOE Oil Charts - April 12, 2017

Apr 12, 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: bullish

  • Large total petroleum draw of 4.7mb at a time when we usually build. -9.2mb draw vs seasonal -4.5mb vs. Bloomberg consensus
  • Crude draw of 4.7mb vs. seasonal
  • Interestingly Cushing built again and made new all-time high
  • Total product demand up 0.2mb/d, mostly due to large pick up in distillate demand, which seems out of whack. Total demand still roughly flat year-over-year
  • Net imports declined again and remain a few 100kb/d below last years levels
  • Sharp pick up in refinery inputs and utilization to seasonally very high levels, which should help drawing crude stocks going forward
  • Crude oil production continues to creep higher and is now 230kb/d higher than last year. We continue to ignore the balance item.


View the Entire Research Piece as a PDF here.

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