DOE Insights Thursday, July 5, 2018

Crude Oil Stocks Build, Expectations were for a Draw

The DOE reported Total Crude Oil Inventories increased by 1.2 million barrels to 417.9 million barrels for the week ending June 29, 2018, expectations average was for a 3.5 million barrel decrease.
Overall hydrocarbon supplies decreased by 3.3 million barrels to 1,207 million barrels.
Crude Oil Production was unchanged at 10.90 million barrels per day.
Total Crude Imports were up by 700,000 barrels per day to 9.1 million barrels per day.
Total Refinery Crude Runs were down by 200,000 barrels per day to 17.65 million barrels per day.

Gasoline Stocks Draw

Total MotorGasoline Inventories decreased by 1.5 million barrels to 239.7 million barrels for the week ending June 29, 2018, but still remains at record levels for this time of the year.
Implied Demand was up by 350,000 barrels per day to 11.20 million barrels per day. Demand is strong, but may drop off with higher gasoline prices.
Gasoline Production was also up, by 170,000 barrels per day to 10.31 million barrels per day. Refiners are taking advantage of the higher crack margins.

Distillates Stocks Slight Increase

Total Distillates Stocks increased by 100,000 barrels to 117.6 million barrels for the week ending June 29, 2018. Stocks continue to be at historical lows.
Total Distillates Production was up by 70,000 barrels to 5.46 million barrels per day. New record production by the refiners.
Total Distillates Implied Demand was up by 90,000 barrels per day to 5.54 million barrels per day. Demand and Exports are also at record levels, contributing to the historical low stock levels.

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