The weekly oil inventories are still building by the Department of Energy’s count. Last week we saw a build of 600,000 barrels of crude to 375.3 million barrels and distillates grew by 2.4 million barrels to 146.5 million barrels. But gasoline stocks fell by 200,000 barrels to 212.4 million barrels. Refinery capacity grew to 85.3% from 82.8% the week before. The United States Oil (NYSE: USO) ETF rose on this data.
Refineries increased capacity more than expected, and the build in crude was also lower than expected. We had estimates in the vicinity of inventories being up 2 million or more in crude, although that is a compiled number that may not be as representative as other consensus numbers.
These inventory levels are hovering at more than near multi-year highs. Now that refineries have juiced up production ahead of the traditionally higher-demand summer season, there could at least be some argument that those crude inventories could get worked off a bit. It may just depend entirely upon how demand destruction is still in place and how many rigs keep shutting down.
United States Oil (NYSE: USO) is up 3% at $31.06 after being around $30.85 before the news was coming out.
Jon C. Ogg
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