EIA Weekly Petroleum Status Report Commentary

• Refineries reduced crude oil inputs by a modest 107,000 bpd after July HO and RBOB margins fell $3+ during the last week; Utilization is 0.1% lower at 87.8%
• Crude oil stocks ↑2.4 million barrels, 2.2 million barrels over expectations, but virtually all of the increase was in the somewhat independent US West Coast market
• Gasoline stocks ↓0.2 million barrels, as expected, after a 266,000 bpd increase in imports substituted a 220,000 bpd fall in domestic production