Crude oil stocks fell 5.1 million barrels for week ending July 9; Gasoline stocks rose 1.6 million barrels; Distillate stocks increased 2.9 million barrels; Propane/propylene stocks rose 1.9 million barrels; Total crude oil and petroleum stocks were 3.2 million barrels higher than the week before.
Refinery utilization rose from 89.8% to 90.5%. Highest since January 2008.
Crude oil and petroleum product net imports fell to 9.6 million barrels. All categories of petroleum stocks are still at extremely elevated levels.
Headline crude oil draw only masked the underlaying derivatives stockpiling. Crude oil imports fell as a consequence of reduced gasoline and distillate demand.
Chart 1. Crude Oil Futures
Source: StockCharts.com
Chart 2. Weekly Change in U.S. Crude Oil and Distillates Stocks
Source: EIA
Chart 3. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks
Source: EIA
Chart 4. U.S. Refinery Capacity, Inputs, and Production
Source: EIA
Chart 5. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports