DOE Insights July 11, 2018
Crude Oil Stocks Draw, Greater Than Expectations
The DOE reported Total Crude Oil Inventories decreased by 12.6 million barrels to 405.2 million barrels for the week ending July 6, 2018, expectations average was for a 3.6 million barrel decrease, with a range of an 8 million draw to 1.5 million draw.
Overall hydrocarbon supplies decreased by 7.2 million barrels to 1,200 million barrels.
Crude Oil Production was unchanged at 10.90 million barrels per day.
Total Crude Imports were down by 1.6 million barrels per day to 7.4 million barrels per day.
Total Refinery Crude Runs were unchanged at 17.65 million barrels per day.
Gasoline Stocks Draw, Close to Expectations
Total MotorGasoline Inventories decreased by 700,000 barrels to 239.0 million barrels for the week ending July 6, 2018, expectations average was for an 800,000 barrel decrease, with a range of a 2.2 million draw to a 600,000 barrel build.
Implied Demand was basically unchanged at 11.70 million barrels per day.
Gasoline Production was up by 390,000 barrels per day to 10.70 million barrels per day.
Distillates Stocks Increase, Greater Than Expectations
Total Distillates Stocks increased by 4.1 million barrels to 121.76 million barrels for the week ending July 6, 2018, expectations average was for an 800,000 barrel increase, with a range of a 1.0 million draw to a 2.4 million barrel build..
Total Distillates Production was down up by 20,000 barrels per day to 5.40 million barrels per day. New record production by the refiners.
Total Distillates Implied Demand was down by 580,000 barrels per day to 5.46 million barrels per day. .
