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EIA: US commercial crude oil inventories increased by 5.9 mln barrels
Key highlights from the EIA's report's summary of weekly petroleum data for the week ending September 8, 2017: • U.S. commercial crude oil inventories increased by 5.9 million barrels from the previous week. • U.S. crude oil refinery inputs averaged 14.1 million barrels per day during the week ending September 8, 2017, 394,000 barrels per day less than the previous week’s average. • U.S. crude oil imports averaged 6.5 million barrels per day last week, down by 603,000 barrels per day from the previous week. • Total products supplied over the last four-week period averaged over 20.4 million barrels per day, ... (full story)
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Wti/rbob Algos Confused After Greatest Gasoline Inventory Draw In History Offsets Big Crude Build
WTI and RBOB prices are higher this morning following API's reported the biggest gasoline draw in history (compared to EIA data). Of course, disruptions (Florida demand and Texas supply) remain dominant but DOE reports a massive 8.4mm draw in Gasoline inventories - the biggest draw ever. The reaction in prices is anti-climactic as production rebounded and crude built dramatically to offset the exuberance. Bloomberg's Javier Blas reminds readers that the report covers the period from 7:01 am on Friday, Sept. 1 to 7:00 am on Friday, Sept. 8. So a lot of disruption from Harvey (particularly from Sept. 1, 2, and 3) will ... (full story)