For the 11th week in a row crude oil stocks at the main delivery point in Cushing OK were lowered in a continued unseasonable move to the lowest levels since 2008 at 28.18 mb. Total crude oil stocks excluding SPR were raised by 2.408 mb to 425.9 mb.
Refinery utilization was raised by .2% WoW to 88% and total crude oil input to refiners was raised to 15,935 kbpd up .003% WoW. Maintenance season continues for refiners but 2018’s inputs remain above usage levels of the last 8 years and above a 5 year avg.
Weekly petroleum product supplied remained at elevated levels with the higher net inputs supplied and at 20,470 kbpd were above the 4 week average and above last year’s production levels.
Crude oil exports were reported at 1,498 kbpd which is just slightly below the 4 week average of 1,577 kpbd.
In the wake of the report crude oil futures sold off as equities filled the overnight gap in the charts and weakened. April CLJ8 futures look to be consolidating in a trading range with resistance at 62.81 and support at 59.22 through next Tuesday.