EIA Energy Stocks

EIA Energy Stocks

Crude Oil: 410.6 (down 1.9M wk, down 5.3M yr)
Gasoline: 209.2 (up 3.9M wk, down 1.6M yr)
Distillate: 102.8 (down 1.5M wk, down 9.4M yr)
ULSD: 91.1 (down 1.8M wk, down 10.6M yr)
Refinery Rate: 92.8%

Analysis 

Commercial crude drew 1.9 million barrels to 410.6 million even as field production jumped 723,000 barrels a day to 13.99 million, the highest in EIA's weekly data going back to 1983. Exports more than absorbed the extra barrels, jumping 1.4 million a day to 4.85 million, and net crude imports fell 796,000 a day. Gasoline built 3.9 million as implied demand fell to 8.36 million barrels a day from 8.98 million, the weakest week since late February.

Distillate drew 1.5 million to 102.8 million, 9.4 million below a year ago and the lowest for this week of the year in EIA's weekly data going back to 1982. Refiners are running 92.8 percent of capacity against 86.6 percent a year ago, and the higher runs still have not rebuilt the distillate cushion heading into heating season.