Takeaways from the latest EIA inventory report:
US crude stocks rose less than expected, while Cushing inventories continued to recover. A further 3.7 million barrels were released from the SPR, taking the total draw to 125 million barrels, a 30% reduction. Both exports and imports slowed, leaving the net impact broadly unchanged.
Refinery utilisation jumped to its highest seasonal level since 1998 as record-high refining margins incentivised production amid strong export demand due to Russian export ban and stranded capacity in the Persian Gulf.
Gasoline stocks fell to their lowest seasonal level since 2012 at 209.4 million barrels, while distillate inventories plunged to a record low of 105.6 million barrels.
Implied gasoline demand held steady on a four-week average basis, while distillate demand strengthened.$BTR
$ONG
$TUT
US crude stocks rose less than expected, while Cushing inventories continued to recover. A further 3.7 million barrels were released from the SPR, taking the total draw to 125 million barrels, a 30% reduction. Both exports and imports slowed, leaving the net impact broadly unchanged.
Refinery utilisation jumped to its highest seasonal level since 1998 as record-high refining margins incentivised production amid strong export demand due to Russian export ban and stranded capacity in the Persian Gulf.
Gasoline stocks fell to their lowest seasonal level since 2012 at 209.4 million barrels, while distillate inventories plunged to a record low of 105.6 million barrels.
Implied gasoline demand held steady on a four-week average basis, while distillate demand strengthened.$BTR
$ONG
$TUT
