U.S. Commercial Stocks Drop Sharply
Overall commercial oil inventories drew 10.6 million barrels last week led by a 9.5 million barrel product stock decline, two thirds of which was in the three major light products. The stock deficit to last year widened to 150 million barrels (11.3%) while adjusted demand was up 3.7%, or 730 MB/D, over the last four weeks. Cushing crude stocks drew 1.1 million barrels last week and we are expecting a relatively flat inventory profile for this week’s EIA data. Demand weakens in this week’s report, but the major light products still manage to show a small draw. Overall crude stocks slightly build as imports increase to 8.20 MMB/D.
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