Here is a breakdown of the EIA data released today for the oil market courtesy of Josef Schachter, Founder of The Schachter Energy Report.
The EIA oil data today was overall bullish and as a result oil prices are holding above US$59/b.
- Crude inventories fell by 9.6Mb versus the expectation of a decline of 3Mb.
- Motor gasoline inventories fell by 4.6Mb as winter grades are run down by refineries.
- Distillate inventories fell by 4.1Mb for the same reason.
- Nearly half of the decline was due to net imports falling 660Kb/d or 4.62Mb on the week.
- US production rose by 100Kb/d back to 12.1Mb/d – the highest level seen so far.
- Demand grew by 683Kb/d for total product supplied to 21.5Mb/d while gasoline demand lifted by 269Kb/d to 9.4MNb/d.
With spring here we should start to see a seasonal build in inventories and when this occurs we expect to see crude prices retreat.
Click here to visit Josef’s site for more oil related commentary.