· Larger than expected crude inventory draw – Crude oil inventories decreased 5.3 mmbbls last week, compared with market expectations for a 3.4 mmbbls draw (per Bloomberg). Crude oil inventories are now sitting at 340.7 mmbbls, which is 4.0% above last year and 7.6% above the five-year average.
· Distillate draw exceed expectations – Inventories of distillates decreased 0.6 mmbbls last week, compared with flat market expectations (per Bloomberg). Distillate inventories are now sitting at 160.7 mmbbls, which is 0.4% below last year, but 17.6% above the five-year average.
· Gasoline inventory build higher than expected – Gasoline inventories rose 2.4 mmbbls last week, compared with market expectations for a 1.5 mmbbls build (per Bloomberg). Inventories of gasoline are now sitting at 217.2 mmbbls, which is 0.4% above last year and 4.8% above the five-year average.
· Refinery utilization largely unchanged – Refinery utilization remained largely unchanged last week at 87.7% (was 88.0% the week prior), but remains 7.7% above last year and 1.2% above the five-year average.
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