Crude Oil stockpiles dropped by 4.6 mb last week as imports dropped by 3% and exports increased by 38% WoW. Cushing OK supplies rose by 3.7 mb continuing the recent trend higher but still well below 5 year averages for this time of year. With refinery utilization at 93% in the most recent week, total products supplied to the market continued to outpace averages for this time of year at 21,217 kpbd. Crude oil Days of supply fell to 25.4 days as a net result.
Over the last two weeks total crude oil reserves excluding the SPR have dropped below a 5 year avg for this time of year and the question until they turn up again is have they peaked for the season? The above normal run rates have possibly led to the early season peak much like last year in stocks with refiners keeping gasoline stockpiles at levels coinciding with last year.
