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Weekly DOE Crude & Product Inventory Analysis
- Crude inventory build higher than market expectations – Crude inventories surprised analysts this week with a 1.0 mmbbl build (versus a forecasted 1.8 mmbbl draw according to Bloomberg) despite a disruption on Enbridge’s Line 6A (670,000 bbl/d capacity, 490,000 bbl/d throughput) which limited crude imports.
- Gasoline inventories build against expectations – Gasoline inventories rose 1.6 mmbbls last week, compared with market expectations for a 0.3 mmbbls draw (per Bloomberg). Inventories of gasoline are now sitting at 226.1 mmbbls, which is 6.1% above last year and 13.4% above the five-year average.
- Distillate inventories move higher – Inventories of distillates increased 0.3 mmbbls last week, compared with market expectations for a 0.1 mmbbls build (per Bloomberg). Distillate inventories are now sitting at 174.9 mmbbls, which is 2.4% above last year and 21.8% above the five-year average.
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