Good morning,
Crude oil production continued for the 3rd week in a row at 10,900 kbpd. Imports rose 114 kbpd while exports rose 626 kbpd to 3,000 kbpd which is a calendar year high.
Crude oil commercial inventories dropped 9.9 mb which was slightly bigger than what the API had put out last night.
Crude oil net input to refiners was reported at 17,816 kbpd which was above the 17,725 kbpd peak before the Houston hurricane last year.
Total stocks of gasoline rose 1.2mb on the back of the 97.5% refiner operating capacity closely in line with year ago levels.
Crude oil futures have continued gains since the report up roughly $2.00 on the day.
Jason Carlson
Trean Group LLC
141 W. Jackson Blvd. Suite 1201A
Chicago IL 60604
Office 312-604-6404