DOE reported a bigger than expected crude build (+2.432mm vs +2mm exp) but smaller than API's reported 4.4mm build, but DOE reports a considerably smaller drawdown in the products side (gasoline and distillates). Cuhsing saw a small build but US crude production soared 2% on the week – the most since May 2015.
API
- Crude +4.40mm (+2mm exp)
- Cushing +156k (+300k exp)
- Gasoline -2,841k vs est. -1,500k
- Distillates -4.3mm
DOE
- Crude +2.432mm (+2mm exp)
- Cushing +28k (+300k exp)
- Gasoline -2.841mm (-1.5mm)
- Distillates -1.948mm
Other observations:
- PADD 3 crude -1,028k
- PADD 1B gasoline -1,466k
- PADD 1 Distillates -920k
- Refinery utilization +1.9 ppt vs est. +0.5 ppt
- Refinery crude inputs +369k b/d
- Crude imports -1,553k b/d to 7,442k b/d vs 8,995k, -17%
Imports by region:
- PADD1: 621k vs 1,164k
- PADD2: 2591k vs 2538k
- PADD3: 2911k vs 3814k, -24%
- PADD4: 383k vs 344k
- PADD5: 937k vs 1135k
Imports into U.S. by country in b/d:
- Canada imports 3206k vs 3282k
- Saudi Arabia imports 1295k vs 1170k
- Venezuela imports 533k vs 835k
- Mexico imports 515k vs 688k
- Colombia imports 33k vs 602k, lowest on record, since June 2010
- Ecuador imports 278k vs 156k
- Nigeria imports 113k vs 345k
- Kuwait imports 97k vs 85k
- Iraq imports 427k vs 645k
- Angola imports 64k vs 30k
7th weekly drawdown in distillates inventories as crude built for a second week (note that DOE product drawdowns were smaller than the API reported ones)
Gasoline stocks fell 2.8mmb/d to 221mm, back to only 7.7mm hhigher compared to 2015 and 16.6mm vs the 10 year average according to Reuters.
The drop in imports from 9.0mmb/d to 7.4mmb/d confirms that the surge in crude imports in the October 28 weeks was due to a surge in tanker arrivals.
But the big news a massive surge in US Crude production – the most since May 2015 to its highest in 6 months…
And the reaction is a modest slide for now…
The post WTI Crude Slides As US Production Soars Most In 18 Months appeared first on crude-oil.top.