Stop The Presses! US Crude Oil Inventories Plunged Almost 10 Million Bbls From Previous Week -- June 27, 2018

Link here. Data points:

• US crude oil inventories: decreased by a staggering 9.9 million bbls -- this is absolutely unprecedented. I have followed the data weekly for the past two years, and never, never, anything like this
• US crude oil inventories now at 416.6 million bbls; I forget, but I think I posted by "new" norm was 400 million bbls (the "old norm" was 350 million bbls -- decades of data)
• US crude oil inventories now 4% below the five year average for this year of the year
• refineries operating at an incredible 97.5% capacity -- rarely ever higher than this; generally in the 93% range
• gasoline production right on historical average: 10.1 million bbls/day
• distillate fuel production slightly above historical average at 5.4 million bbls/day

Gasoline demand: pending.

Oil prices immediately follow weekly release of US crude oil inventories:

• WTI: $72.62; up almost 3%; up over $2/bbl
• LLS: $76.23; up about 0.75%; up about 60 cents/bbl -- this correlates closely with DAPL-Bakken
• Brent: $77.68; up about 2%; up about $1.50/bbl
• OPEC Basket: $72.69; up about 0.75%; up about 50 cents/bbl