EIA Weekly Petroleum Status Report

• A 1.0 million bbl increase in crude oil stocks and a 1.5 million bbl decrease in distillate stocks were in line with market expectations
• Gasoline inventories fell by 1.7 million bbl, almost 1 million more than expected, pushing the RBOB crack up $0.30-$0.40 in the front months
• Crude oil stocks at the Cushing, OK storage nexus fell by 700,000 bbl, though refinery utilization remains almost unchanged at 80.6%
• Both Exxon's Torrance, CA refinery and Chevron's El Segundo, CA refinery flared gas yesterday, suggesting mechanical issues
• OPEC ministers decided today to keep production unchanged, though Secretary-General al-Badri sought to apply moderate pressure to comply