DOE Insights
Wednesday, June 5, 2018
Crude Oil Stocks Build, Expectations were for a Draw
The DOE reported Total Crude Oil Inventories increased by 2.1 million barrels to 436.6 million barrels for the week ending June 5, 2018, expectations average was for a 1.9 million barrel decrease, with a range of 3.7 million draw to a 2.5 million barrel build.
Overall hydrocarbon supplies increased by a significant 15.8 million barrels to 1,210 million barrels.
Crude Oil Production increased by 30,000 barrels to a record 10.80 million barrels per day.
Total Crude Imports were up by 700,000 barrels per day to 8.3 million barrels per day.
Total Refinery Crude Runs were up by 210,000 barrels per day to 17.37 million barrels per day.
Gasoline Stocks Build, Greater than Expectations
Total MotorGasoline Inventories increased by 4.6 million barrels to 239.0 million barrels for the week ending June 5, 2018, average of expectations was for a build of 400,000 barrels, with a range of a 1.7 million barrel draw to a 1.4 million barrel build.
Implied Demand was down by 1.54 million barrels per day at 9.78 million barrels per day.
Gasoline Production was also down, by 780,000 barrels per day to 9.66 million barrels per day.
Distillates Stocks Build , Greater than Expectations
Total Distillates Stocks increased by 2.2 million barrels to 116.8 million barrels for the week ending June 5, 2018, average of expectations was for a build 900,000 barrels, with a range of a draw of 1.0 million barrels to a build of 3.5 million barrels. Despite the build Stocks remain at record lows for this time of the year.
Total Distillates Production was up 30,000 barrels to 5.32 million barrels per day.
Total Distillates Implied Demand was off by 280,000 barrels per day to 5.16 million barrels per day.
