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EIA Petroleum Status Report  
Released On 6/14/2017 10:30:00 AM For wk6/9, 2017
PriorActual
Crude oil inventories (weekly change)3.3 M barrels-1.7 M barrels
Gasoline (weekly change)3.3 M barrels2.1 M barrels
Distillates (weekly change)4.4 M barrels0.3 M barrels

Highlights
Crude oil inventories fell 1.7 million barrels in the June 9 week to 511.5 million barrels, 2.1 percent above the year ago level. But product inventories increased, with gasoline up 2.1 million barrels to 242.4 million, 2.3 percent above the level last year, while distillates rose 0.3 million barrels to 151.4 million, 0.5 percent below the level last year. The crude oil drawdown was within the range of analysts' forecasts, though a report from API, an industry group, reported a weekly increase of 2.75 million barrels on Tuesday afternoon. The build in gasoline came as a surprise and reignited prevailing concerns about large U.S. inventories, however, and WTI prices plunged about $1.00 to around $45 dollars per barrel immediately following the release of the EIA report.

Crude oil imports fell 316,000 barrels per day in the week to an average of 8.0 million barrels per day. But
imports over the last four weeks averaged 8.2 million barrels, 7.1 percent above the same period last year.

Refineries operated at 94.4 percent of their operable capacity last week, up fractionally from the prior week though production slightly decreased, averaging 9.8 million barrels per day for gasoline and 5.2 million barrels per day for distillates.

Product demand held steady, with total product supplied over the last 4 week averaging 20.1 million barrels per day, but the year-on-year decrease widened by 0.5 percentage points to a minus 1.2 percent. Motor gasoline supplied averaged 9.5 million barrels per day, also down 1.2 percent from the same period last year, while distillate fuel supplied averaged 4.0 million barrels per day, up 4.1 percent from the year ago level.

While last week's EIA report startled the market with a build amid expectations of a drawdown in crude oil stocks and heightened worries about oversupply, the build in gasoline in this week's report coupled with continuing weakness in demand only accentuates those concerns and increases the downward pressure on the price of crude oil.

Definition
The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products.  Why Investors Care
 
[Chart]
As is evident from the chart, crude oil stocks can fluctuate dramatically over the year. When oil prices nearly reached $50 per barrel in August 2004, financial market players began to monitor crude oil inventories. It is not surprising to see sharp price hikes in crude oil when inventories are falling. Conversely, one would expect price declines when inventories are rising.
Data Source: Haver Analytics
 
 

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