Crude rises on larger than expected build
· Crude build slightly above expectations – Crude oil inventories increased 2.0 mmbbls last week, above market expectations for a 1.5 mmbbls build (per Bloomberg). Crude oil inventories are now sitting at 368.2 mmbbls, which is 9.6% above last year and 13.8% above the five-year average.
· Gasoline inventories drawn more than expected– Gasoline inventories fell 2.7 mmbbls last week, compared with market expectations for inventories to remain unchanged (per Bloomberg). Inventories of gasoline are now sitting at 212.3 mmbbls, which is 1.9% above last year and 5.7% above the five-year average.
· Distillates see larger draw than expected – Inventories of distillates decreased 3.6 mmbbls last week, compared with market expectations for a 1.0 mmbbls draw (per Bloomberg). Distillate inventories are now sitting at 164.9 mmbbls, which is 1.5% lower than last year and 19.5% above the five-year average.
· Refinery utilization shows a slight decline– Refinery utilization fell 1.9% last week to 81.8% which is 1.2% above last year and 3.0% below the five-year average.