US Crude Stocks Fell For 4th Consecutive Week; Gasoline Supplies Also Fall -- Despite $4.50 Gasoline In Parts Of The US

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.