US DoE Crude Oil Inventories (W/W) 25-Jun: -6718K (est -3850K; prev -7614K) - another large crude draw with Cushing now at March 2020 levels - details

EIA - Summary of Weekly Petroleum Data for the week ending June 25, 2021 

US DoE Crude Oil Inventories (W/W) 25-Jun: -6718K (est -3850K; prev -7614K) - Distillate: -869K (est 1000K; prev 1754K) - Cushing Crude: -1460K (prev -1833K) - Gasoline: 1522K (est -900K; prev -2930K) - Refinery Utilization: 0.70% (est 0.45%; prev -0.40%)

EIA not quite as strong as API report but still another big crude draw (last three weeks have seen total crude draws of around 2.2mb) and like API showed a build in gasoline and small draw in distillate. In other products, builds in propane, "other", and ethanol with draws in residual and jet fuel. Also another good sized SPR draw (-1.4mb). Netting it all together, total products drew down by -6.0mb after last week's -7.5mb draw with SPR to 1,278.3mb. Also notable this week was another large draw from Cushing which is indicative of a tight market. Cushing is now at lowest levels since March 2020.

Crude - Production flat, imports down -536kbd, exports up a touch, so net imports were down 602kbd after falling 432kbd last week. Adjustment ratchets back up to a level as big as I can remember at plus 1,350kbd (from 390kbd last week and 1.1mbd two weeks ago, so all over the place). Refining throughput ticket back up to 92.9% of capacity (from 92.2% last week and 92.6% week before). Crude inventories remain -6% below the 5-year average (was -6% last week).

Products - Builds/draws noted above (details in table below).  Gasoline inventories increased to 0% below 5-yr avg (was -1% last week), distillates -5% below 5-year average (was -4%), and propane despite the build -17% below (was -15%). 

Turning to demand, another more mild increase after huge increase two weeks ago, but did see distillates continuing to increase while gasoline flipped back to negative again.  Reminder, these are at the wholesale (not retail) level.

US implied oil demand (product supplied) rose by 151kbpd w/w to 20.902mbpd last week
w/w changes by product in kbpd
gasoline -267
jet fuel -149
distillate +223
residual fuel oil +50
propane/propylene -19
other oils +315

Here's total demand.  Continues to run around 2019 levels.  This is amazing with jet fuel demand still at a fraction of 2019 levels.



Here are selected inventories.  Crude continues to plummet while the others seem more stable.  Total inventories now lowest since March 2020.



Thank you to @staunovo (great follow for oil and commodity markets) for some of the info and charts.

To see more content, including summaries of major economic reports and my morning and nightly updates go to https://sethiassociates.blogspot.com
























































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