EIA Weekly Petroleum Status Report Commentary

• A draw in distillate stocks of 1.0 million barrels was today's only surprise; Analysts expected a 1.3 million barrel increase
• Gasoline stocks ↓0.3 million barrels, vs. ↓0.6 million barrels expected, while crude stocks ↑0.2 million barrels, vs. ↑0.7 million expected
• Crude oil stocks at Cushing, OK surged further to 37.9 million barrels, an all-time record, reinforcing the view that landlocked and over-supplied Oklahoma crude should trade below Brent futures for the next few months
• Refineries decreased gross inputs by 83,000 bpd, resulting in a 0.5% decrease in refinery utilization to 87.9%
• Product cracks have steadily ebbed lower today: Jun0 RBOB is ↓$0.81 to $15.59 while Jun0 HO is ↓$0.41 to $12.56