EIA Weekly Petroleum Status Report Commentary

• Gasoline stocks fell by 2.6 million barrels, much more than the -0.5 million barrels expected by analysts. An increase in production (149,000 bpd) offset a decrease in imports (148,000 bpd), suggesting that gasoline demand was considerably higher than expected.
• Product cracks are continuing yesterday's rally, supported by the fourth consecutive reduction in refinery utilization: ↓0.3% to 87.5%
• Crude oil imports ↓473,000 bpd, leading to a larger-than-expected 1.9 million barrel draw in stocks
• Crude oil stocks at Cushing, OK reversed last week's 300,000 barrel loss, returning levels to the all-time high of 37.9 million barrels