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Weekly US oil data
Both sides of the s/d balance improving
“The rumors of my death have been greatly exaggerated.”
Such was Mark Twain‟s infamous response to a premature obituary about his own
death. Similarly, it seems that this week‟s batch of gasoline data is sending the
same signal; early signs of the demise of the American driver appear to be greatly
exaggerated as well. We‟ve now thrice mentioned a reporting glitch in the rate of
demand growth, pegging it closer to positive +1.1%y/y than to the -1.8%y/y as
measured by the conventional method. On the supply side, this week‟s -1.6mbs
drop in inventories brings total levels -2% below average (and the entire surplus
resides west of the Mississippi), and comes despite three straight weeks of
increased production.
The other key number this week‟s data is the -518kb/d drop in crude imports, leaving
the 4wk average near 8.6mb/d. This continues to be constructive for the
downstream. Imports into the Gulf Coast made up about half of this decline w/w.
Almost the entirety of the global inventory surplus sits at Cushing, and flows into that
region are extremely low. Seasonally, this number should be climbing sharply higher.
Also important was the partial recovery in utilization rate following last week‟s sharp
decline from the East Coast, though levels remain well below average.
Top three numbers in today’s weekly US oil data
Crude oil inventories shed -2.3mbs – Cushing, OK levels fell -0.8mbs from the
recent record high. Imports fell sharply (-518kb/d w/w), while refinery utilization
rates recovered (+1.1%w/w to 82.5%) from last week‟s plunge.
Downstream stocks drew lower, -4.4mbs, continuing the downward trend.
Sharp drops in both gasoline (-1.6mbs) and middle distillate stocks (-2.5mbs)
were the primary drivers.
Demand growth turns higher at +1.2% (four week MA, y/y), as an improvement
in demand for transport fuels couples with continued strength in demand for
stationary fuels.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Weekly US oil data
Both sides of the s/d balance improving
“The rumors of my death have been greatly exaggerated.”
Such was Mark Twain‟s infamous response to a premature obituary about his own
death. Similarly, it seems that this week‟s batch of gasoline data is sending the
same signal; early signs of the demise of the American driver appear to be greatly
exaggerated as well. We‟ve now thrice mentioned a reporting glitch in the rate of
demand growth, pegging it closer to positive +1.1%y/y than to the -1.8%y/y as
measured by the conventional method. On the supply side, this week‟s -1.6mbs
drop in inventories brings total levels -2% below average (and the entire surplus
resides west of the Mississippi), and comes despite three straight weeks of
increased production.
The other key number this week‟s data is the -518kb/d drop in crude imports, leaving
the 4wk average near 8.6mb/d. This continues to be constructive for the
downstream. Imports into the Gulf Coast made up about half of this decline w/w.
Almost the entirety of the global inventory surplus sits at Cushing, and flows into that
region are extremely low. Seasonally, this number should be climbing sharply higher.
Also important was the partial recovery in utilization rate following last week‟s sharp
decline from the East Coast, though levels remain well below average.
Top three numbers in today’s weekly US oil data
Crude oil inventories shed -2.3mbs – Cushing, OK levels fell -0.8mbs from the
recent record high. Imports fell sharply (-518kb/d w/w), while refinery utilization
rates recovered (+1.1%w/w to 82.5%) from last week‟s plunge.
Downstream stocks drew lower, -4.4mbs, continuing the downward trend.
Sharp drops in both gasoline (-1.6mbs) and middle distillate stocks (-2.5mbs)
were the primary drivers.
Demand growth turns higher at +1.2% (four week MA, y/y), as an improvement
in demand for transport fuels couples with continued strength in demand for
stationary fuels.
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