Following the surprising across-the-board inventory draws report by API overnight, DOE confirmed crude's overall draw (-1.88mm bartrels vs +3mm exp). However, gasoline saw the biggest build in 4 months (as distillates saw the biggest draw in almost 2 months). Crude production dropped very modestly on the week but remains stuck around 8.5mm barrels. Oil prices popped then dropped and remain lower for now…
API
- Crude -752k (+3mm exp)
- Cushing -832k
- Gasoline -3.7mm
- Distillates-343k
DOE
- Crude -1.88mm (+3mm exp)
- Cushing -631k
- Gasoline +2.03mm (+500k exp)
- Distillates -1.915mm
Total U.S. imports of crude 7835k b/d vs 8309k
- PADD1: 866k vs 883k
- PADD2: 2437k vs 2664k
- PADD3: 2980k vs 2875k
- PADD4: 354k vs 367k
- PADD5: 1197k vs 1520k
Imports into U.S. by country in b/d:
- Canada imports 3194k vs 3460k
- Saudi Arabia imports 1272k vs 1100k
- Venezuela imports 775k vs 791k
- Mexico imports 434k vs 561k
- Colombia imports 353k vs 547k
- Ecuador imports 259k vs 218k
- Nigeria imports 302k vs 141k
- Kuwait imports 340k vs 155k, highest since wk of July 22
- Iraq imports 352k vs 358k
- Angola imports 99k vs 64k
For the 4th week running crude inventories fell but Gasoline saw the biggest build in 4 months…
Total stocks fell modestly to 503mmbbl…
… which narrowed the surplus over 2015 to 45mmbbl, or 10%, although the surplus to the 10 year average remains a whopping 155mmbbl, or 45%.
Domestic production fell very modestly but remains glued to the 8.5mm barrel levels…
Crude ripped and dipped on the mixed headlines, but RBOB is tumbling on the big build.
“Everything is still headline driven out of Algiers,” says Petromatrix analyst Olivier Jakob. “Directionally it’s difficult to trade when you’ve got so many conflicting headlines coming out of there”
Charts: Bloomberg
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