Platts is tweeting:
US crude stocks fell for 4th consecutive week, dropping 2.8 million bbl to 364.2 million bbl.
Story:
US commercial crude stocks fell for the fourth consecutive week,
dropping 2.8 million barrels to 364.2 million barrels last week, marking
a tally of a nearly 30 million-barrel draw in inventories in a month,
US Energy Information Administration showed Wednesday.
Still,
crude stocks were about 5% above the five-year average for the reporting
week ended July 19. The draw in stocks was in line with a Platts
analysis and survey of analysts who expected a 2.6 million-barrel
decline.
Stocks at Cushing, Oklahoma -- delivery point for the
NYMEX crude futures contract -- fell 2.06 million barrels to 44.02
million barrels. This is the second straight week of draws at Cushing,
totaling nearly 3 million barrels. Despite the draws, Cushing stocks
were 29% greater-than the five year average.
Bigger story (same link):
US gasoline stocks fell 1.4 million barrels to 222.7 million barrels for
the reporting week ended July 19, counter to analysts' expectations,
EIA data showed.
A Platts analysis and survey of analysts showed US gasoline stocks had been expected to rise 800,000 barrels.
The drawdown in gasoline stocks was likely a product of a strong increase in US implied demand, and a sharp drop in imports.
Implied
demand for gasoline rose 253,000 b/d to 8.98 million b/d. On a
four-week moving average, demand for gasoline last week rose slightly to
9.08 million b/d, nearly 275,000 b/d greater than over a similar period
a year ago.
Gasoline imports, meanwhile, fell 395,000 b/d to 322,000 b/d.
This is all very, very interesting, to say the least.
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