Good morning,


With refineries operating at an above avg seasonal pace over the last week at 92.3%, refinery inputs averaged 18 kpbd more than the previous week.    Total product supplied in the US by those refiners averaged almost 1,900 kbpd above the 5 year avg as seen in the chart below which continues the recent trend.  Total crude stocks rose by 1.64 mb with Cushing stocks climbing 1.80 mb on increased domestic production and imports.

Over the last two weeks the Brent premium to WTI has continued to increase and exports have remained above last years levels but have leveled off over the last few weeks.  As the spread widens I would expect to see an uptick in crude exports from the US but will wait to see if it follows in the coming weeks.

DOE Report 03.23.18