Total crude oil and petroleum products stocks tumbled -11 mmb to 1115.51 mmb in the week ended November 5. This is the lowest level since July 23, 2010. Crude oil inventory plunged -3.27 mmb to 364.88 mmb as 3 out of 5 PAD districts recorded decline in stockpiles. The Midwest district showed -2.69 mmb drop while Gulf Coast and West Coast recorded draws of -1.28 mmb and -0.13 mmb respectively. Cushing stock slumped -1.75 mmb, the deepest weekly fall since September 2009. Utilization rate climbed +0.6% to 82.4%.
Concerning oil products, both gasoline and distillate stockpiles declined during the week. Gasoline inventory slipped -1.92 mmb to 210.34 mmb while that for distillate plummeted -4.97 mmb to 159.90 mmb. Gasoline demand climbed +0.45% to 9.07M bpd, imports fell -7.92% to 0.80 M bpd while production edged +0.33% higher to 9.01M bpd. Distillate demand surged 7.01% to 4.39M bpd. While production stayed unchanged at 4.24M bpd, imports almost doubled to 0.18M bpd.
WTI crude oil rebounded strongly to 87.49 after the report but gains were pared as the broad market sentiment diminished by China's hike in reserve ratio requirement by +50 bps.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.