Crude prices higher after the inventory report

September 28, 2016 10:50 AM

On the import side of the report we saw that imports were mixed for week ending Sept. 23. Imports of crude oil decreased 474,000/bbls to 7.835/mmbls. Imports of gasoline stocks increased by 209,000/bbls to 778,000/bbls. Imports of distillate stocks increased by 68,000/bbls to 144,000/bbls for the week under review. Imports of jet fuel decreased by 61,000/bbls to 87,000/bbls. Total Imports decreased by 365,000/bbls to 9.978/mmbls. 

On the demand side for the data we saw a lower picture for implied demand for week ending Sept. 23. Implied gasoline demand decreased by 770,000/bbls to 8.880/mmbls per day bring the year on year to 141,000/bbls below last year’s level. Gasoline demand is above the five year average by 659,000/bbls. Implied distillate demand increased by 341,000/bbls to 3.772/mmbls per day bring the year on year to 10,000/bbls above last year’s level. Implied distillate demand is below the five year average by 152,000/bbls. Implied jet fuel demand decreased by 184,000/bbls to 1.506/mmbls per day for the week under review. Looking at the year on year for implied jet fuel demand we see that we are 99,000/bbls below last year’s level for this time of the year and we are above the five year average by 20,000/bbls. 

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