- Total motor gasoline stocks ↓2.9 million barrels last week, vs. ↑0.2 million expected, with the draw focused on the Midwest and Gulf Coast
- Distillate demand was also bullish: stocks ↓2.2 million barrels vs. ↓0.9 million barrels expectedProduct cracks have traded within a $0.40 range this morning and are now stronger: Apr10 RBOB is ↑$0.43 while HO is ↑$0.37
- Yesterday's API report showing a 6.5 million barrel rise in crude oil inventories failed to materialize, EIA showed crude stocks ↑1.4 million bbl
- Refineries decreased use of crude oil by 149,000 bpd last week, reducing percent utilization by 1.2% to 80.7%
- Crude oil stocks ↑4.1 million barrels, 2.7 million more than analysts predicted, but WTI bounced back after trading lower on the news
- Heat cracks reversed early gains after the stocks drew by 900,000 barrels, in line with expectations: Apr10 is now ↓$0.03 to $6.64
- Gasoline stocks built by 700,000 barrels, vs. 600,000 build expected, though the Apr10 crack reacted by ↑$0.38 to $12.96
- Oil stocks at Cushing, OK rose by 100,000 barrels, the first build since January 1
- Crude oil inputs by refineries fell by 33,000 bpd last week as refineries suppress utilization in response to weak Distillate cracks
- Crude oil imports ↑536,000 bpd last week, driving a larger-than-expected 3.0 million barrel increase in crude oil stocks
- Refineries are slowly ramping up: Utilization ↑1.4% as Cushing, OK crude oil stocks ↓700,000 barrels, the 7th consecutive weekly decrease
- Distillate fuel demand was soft: Inventories ↓600,000 barrels vs. ↓1,600,000 barrels expected
- Moderately bullish Gasoline draw-down: Stocks fell by 900,000 vs. 400,000 barrel build expected
- Cracks reacted differently: Heat crack sold off $0.45 in Apr0 to trade $6.48 while Apr0 RBOB crack rose the same amount to $12.34
- Crude oil stocks ↑3.1 million barrels nationally, including a 4.7 million barrel increase in the Gulf Coast region after imports ↑206,000 bpd
- Distillate fuel oil inventories ↓2.9 million barrels on the cold weather, though stocks remain 12.5 million barrels above levels one year ago
- Motor gasoline production ↓379,000 bpd and imports ↓459,000 bpd as suppliers react to tepid shoulder season demand
- Refinery utilization rose by 0.7% to 79.8%, implying that at least 3.6 million bpd of US capacity remains idle due to weak product cracks
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