Crude Jumps After DOE Confirms Biggest Oil Inventory Draw Since January; Cushing, Gasoline, Dis

Discussion in 'Finance Related News' started by admin, Apr 6, 2016.

  1. admin

    admin Administrator Staff Member

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    Following yesterday's API data, which showed the biggest draw of 2016 with a 4.6 million reduction in oil inventories, everyone was keenly looking forward to today's DOE data. Moments ago the DOE indeed confirmed the API data, reporting that in the past week oil inventories declined by 4.949MM, more than the API print, down from last week's 2.3MM and well below the expected 2.850MM increase.
    This was the largest draw since the first week of January.
    However, while in the recent past the crude builds were offset be declines in gasoline and distillate reductions, this time it was a mirror image, as first Gasoline rose by 1.438MM, above the -1.1MM draw, while Distillate increased by 1.799MM, above the -850K draw expected.
    This happened even as Refinery utilization rose 1.0% W/W, above the 0.35% expected, operating at a 91.4% of capacity in the past week.
    As a result Cushing holdings rose by 0.3MM, rising to 66.3MM barrels and once again approaching its operational capacity.
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    Some more headlines from the report:

    • GASOLINE STOCKS +1.4M TO 244.0M APR 1 WK
    • CUSHING STOCKS +0.3M TO 66.3M BARRELS IN APR 1 WK
    • JET FUEL DEMAND -3.1% VS SAME 4 WEEKS LAST YEAR
    • DISTILLATE DEMAND -6.8% VS SAME 4 WEEKS LAST YEAR
    • GASOLINE DEMAND +4.2% VS SAME 4 WEEKS LAST YEAR
    • DISTILLATE STOCKS +1.1% IN APR 1 WEEK, +28.4% YR/YR
    • CRUDE OIL STOCK EX SPR -0.9% APR 1 WK, +9.8% Y/Y
    • GASOLINE STOCKS +0.6% IN APR 1 WEEK, +6.1% YR/YR
    • TOTAL PRODUCT DEMAND +1.5% VS SAME 4 WEEKS LAST YEAR
    On the news, initially spiked on the draw headline, then erased all gains, and has since then once again resumed rising seemingly determined to regain the $37/barrell level.
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