Today's EIA Petroleum Status Report was notable for continued declines in oil inventories at Cushing, OK (down 1.078 MMBBL) as well as improvement in the trade balance with crude imports declining and product exports up. Mild weather also took the pressure off of propane, reducing demand and holding inventories nearly flat (down just 39K Barrels). Crude production also fell, with declines in both Alaska and the Lower 58.
The decline in commercial crude inventories at Cushing continued....
Propane stocks are back near the 5 year range:
And core component inventories were little changed:
The improving petroleum trade balance:
And gasoline demand recovered from a weather impacted previous week, though demand remains at the low end of the range. Diesel demand was flat on the week, in the lower half of the range:
The Full PDF Reports:
EIA Weekly Petroleum Supply
EIA Weekly Petroleum Demand
