Weekly DOE Oil Charts - December 29, 2017Jan 5, 2018·Stefan Wieler
Conclusion: US petroleum inventories showed a small counter-seasonal build this week, but crude stocks still drawing relatively fast. We believe this will ultimately lead to a narrowing of the WTI-Brent spread, but we don’t see much more upside on flat price from here.
- Decent crude draw (larger than normal, particularly Cushing stocks) but overall counter-seasonal build as gasoline and distillate stocks showed large builds
- Implied demand declined by 0.8mb/d but remained at a seasonally high 20mb/d, roughly same as last year
- Net imports increased by 0.5mb/d this week to 4mb/d, down 0.5mb/d year-over-year
- Refinery utilization was up 1% this week to 96.7%, 4 week average of gross and net input remain at record levels
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