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Weekly US oil data
Not entirely bearish, though not strong
We think this morning‘s DoE weekly oil report erred on the bearish side, though
there were a few highlights. The biggest negative was obviously the turn in product
stocks, which had previously dropped for 15 consecutive weeks. Demand growth in
gasoline and diesel did not look particularly strong last week either. That said, it is
typical for nearly all stocks to build in January, so the number was not entirely
unexpected—it merely takes a gust of wind away from crude‘s fundamentals-driven
momentum higher. As for demand, the headline number remains constructive, with
annual growth continuing to come in north of 4%.
