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US: Crude oil inventories fell by 1.86mn bbl - Natixis

Joel Hancock, Research Analyst at Natixis, notes that the US crude oil inventories fell by 1.86mn bbl wow in the week ended 17th November. 

Key Quotes

“Net crude oil imports fell by 0.49mn b/d wow to 6.28mn b/d, as exports surged to 1.59mn b/d.”

“Domestic crude oil production rose by 13,000 b/d wow to 9.66mn b/d.”

“Crude oil stocks in Cushing fell by 1.83mn bbl wow.”

“Total crude processing rate rose by 0.37% pts wow to 91.3%.”

Oil Products

  • Total oil products inventory rose modestly by 1.81mn bbl wow with large builds of 1.70mn bbl in unfinished oil stocks and 0.85mn bbl in kerosene-type jet fuel stocks. 
  • Gasoline stocks were flat wow whereas distillate stocks rose by 0.27mn bbl wow. 
  • Aggregate oil and oil product stocks were flat wow.
  • In addition, demand for oil products fell by 3.71% yoy.
  • Distillate demand fell by 1.55% yoy whereas gasoline demand rose by 6.33%.” 

“WTI was flat following the report’s release, holding earlier gains. The API had earlier reported a draw of 6.36mn b/d, which lent support. The closure of TransCanada’s 0.60mn b/d Keystone pipeline added to the bullish sentiment.”

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