Today's EIA Petroleum Weekly Report saw crude inventories rise sharply while all product inventories were down (excepting Propane). Cushing inventories fell again, and are now 100K barrels below the 5 year minimum for this date.
The reversal of the Seaway pipeline is having its intended effect on Cushing, OK crude inventories.
SUPPLY
U.S. Crude production rose again this week, by 33K BOPD, to a new high of 8.22M BOPD. The trade balance was little changed, as crude imports were steady week on week, and product exports rose slightly:
DEMAND
Implied demand saw a large decline in gasoline after a comparably steep rise last week. Diesel demand rose by 462K BPOD to 4.16M, above the 5 year range.
PDF Reports:
EIA Weekly Petroleum Demand
