Crude inventories rose sharply this week, by over 3.5 MMBBL. All other petroleum products were also higher, except gasoline which fell a slight 274 thousand barrels. This coincided with a week that saw a decline in demand. Cushing inventories fell again, but gulf coast volumes swelled to a new high. Commercial crude inventories are now at their highest in the last six years.
Regional inventories saw Cushing fall, Gulf Coast rise:
Supply
US production swelled to a new high of 8.36 MBBLD, up almost 60,000 barrels a day over last week.
And the trade balance improved despite falling demand. Crude imports were down about half a million barrels a day, and product exports rose by 147KBBLD.
Demand
Steep declines in both Gasoline and Diesel demand led to one of the weakest showings of the year overall, though diesel demand remains robust, at the top end of the historical range.
