Weekly DOE Oil Charts - May 19, 2017

May 24, 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: After last weeks somewhat mixed stats, this weeks stats continue the bullish trend. Inventories keep declining counter-seasonally, implied demand looks strong and refineries working at a record pace. WTI time-spreads have significantly tightened over the past weeks and we expect this to continue as inventory drawdowns should accelerate seasonally.

  • The counter-seasonal decline in total petroleum stocks resumed last week with total stocks down 3.5 mb (vs.seasonal build of 0.9mb); Crude stocks remain at the center of the draws, down 4.4mb (2.8mb more than normal and 2.4mb more than consensus expectations)
  • Last weeks large build in “other” products has not reversed yet
  • Total product demand reversed last weeks large drop, up 1.3mb/d w-o-w and again above last years levels. Unlike in the stock data, reported demand for “other” products saw a large jump by 0.7mb/d w-o-w
  • Net imports saw a bit of a bump, only -0.5mb/d y-o-y vs. the typical -1mb/d
  • Net imports still hovering around -1 mb/d year-over-year.
  • Refinery utilization cranked up a notch and remains at extremely high levels
  • Looks like the w-o-w decline in crude output last week was temporary, up 15kb/d this week and growing. Production now +530kb/d y-o-y.


View the entire Research Piece as a PDF here.

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