Crude prices higher after the inventory report
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.