US commercial crude stocks fell 5.1 million bbls last week and are now 100 million bbls above prior-year level; the graph is almost identical:
US gasoline stocks jump 10.6 million bbls last week but still 5.2 million bbls below prior-year level; comment: this is actually "bad news" as a tea leaf for reading the health of the economy
US gasoline consumption averaged just 9.0 million bopd over the last four weeks; much weaker than corresponding period prior-year; comment: this is actually "bad news" as a tea leaf for reading the health of the economy
US distillate consumption remained at lowest seasonal level for more than 10 years last week; comment: this is actually "bad news" as a tea leaf for reading the health of the economy (see first comment):
US distillate stocks rose 6.3 million bbls last week and are now 22.5 million (+16.4%) bbls over prior-year level
US refineries processed a seasonal record 16.6 million bopd of crude last week up almost 200,000 bopd on prior year
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