US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (Two Tables and 10 Charts)
Last week we commented that oil prices increased to above $96 on a large draw accompanied by positive market sentiment. Oil prices declined today by more than 3% despite the draw because of NEGATIVE market sentiment.
US oil demand continued to show weakness. Gasoline inventories increased significantly, and they are about 1% above the 5-year average. Declining oil demand accompanied by a large build in gasoline is of special concern to us.
The “adjustment” increased substantially. As we have said in the past, the EIA has not been able to solve this problem.