EIA Storage Report - July 25

[dan_s]

This should support higher oil prices.

Inventories of U.S. crude fell by 6.147 million barrels for the week ended July 20, much more than expectations for a draw of 2.600 million barrels, according to data from the Energy Information Administration (EIA).

Gasoline inventories fell by 2.328 million barrels, topping expectations for a draw of 0.713 million barrels, while supplies of distillate – the class of fuels that includes diesel and heating oil – fell by 0.101 million barrels, against expectations for a build of 0.207 million barrels.

The draw in products came despite refinery activity that fell to 93.8% of their capacity last week from 94.3% a week earlier, with inputs averaging about 17.3 million barrels per day during the week ending July 20.

[dan_s]

Reuters: Highlights from EIA Weekly Petroleum Status Report
Week ending 20 July 2018

* U.S. commercial crude stocks down -6.1 million bbl
* Crude stocks at lowest seasonal level since 2014
* Crude stocks now just +67 million bbl above 10-year average
* Refinery runs at seasonal record 17.3 million b/d
* Distillate stocks at lowest level for more than a decade < This is a really big deal!

John Kemp
Senior Market Analyst
Reuters