EIA Weekly Petroleum Status Report Commentary

• Bearish crude: Crude oil stocks fell by 2.0 million barrels last week, attributed to a 631,000 bpd decrease in crude oil imports. Refineries decreased consumption of crude oil by 98,000 bpd
• Distillate stocks ↑2.5 million barrels: this is the largest build since April 23 and is 1.7 million barrels above Reuters survey expectations
• Refinery utilization ↓1% to 88.4%, reversing most of last week's unexpected 1.5% increase
• Crude oil at the closely-watched Cushing, OK storage nexus ↓0.8 million barrels to 36.0 million barrels, the second consecutive draw of about 800,000 barrels. Stocks are now 2 million barrels off of the all-time high set on May 14th