· Crude build exceeds expectations – Crude oil inventories increased 4.8 mmbbls last week, compared with market expectations for a 1.2 mmbbls build (per Bloomberg). Crude oil inventories are now sitting at 340.6 mmbbls, which is 3.0% above last year and 6.8% above the five-year average.
· Distillates drawn less than expectations – Inventories of distillates decreased 0.1 mmbbls last week, less than market expectations of a 0.5mmbbl decrease (per Bloomberg). Distillate inventories are now sitting at 165.7 mmbbls, which is 5.5% above last year and 16.8% above the five-year average.
· Gasoline inventories in-line expectations – Gasoline inventories increased 2.4 mmbbls last week, compared with market expectations for a 2.3 mmbbls build (per Bloomberg). Inventories of gasoline are now sitting at 230.1 mmbbls, which is 1.2% above last year and 4.3% above the five-year average.
· Refinery utilization falls – Refinery utilization fell to 81.8%, exceeding last year’s level of 78.4%, but below the five-year average of 84.3%.
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