EIA Weekly Petroleum Status Report Commentary

• Crude oil stocks fell by 5.1 million barrels, the 3rd consecutive 2+ million barrel draw. Almost as important, stocks at Cushing, OK, increased by 0.3 million barrels to 36.1 million, leaving Cushing stocks less than 2 million barrels shy of the all-time record set May 14th
• Refinery utilization rates increased by 0.7% to 90.5%, crossing the 90% maximum that has held since early 2008
• Bloated distillate stocks: inventories ↑2.9 million barrels to 162.6 million barrels
• Motor gasoline stocks ↑1.6 million barrels after a 333,000 bpd decrease in imports was offset by increased domestic production (↑141,000 bpd) and softer demand (product supplied ↓369,000 bpd)