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

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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