EIA weekly: not bearish
I'm at airport and can't post a full review, this report isn't bearish. It started providing some positive lights.
US production was modeled down 200k bpd.
Crude stocks fell by 3.5 mm bbl. Cushing fell.
Adjustments were flat w/w. Elevated 500k bpd from ngl and exports
Exports finally shoot up to 3.5 mmbpd
Gasoline stocks built large 4.1 mm bbl impacted by import/exports. Imports shot up by 680k bpd ofsett by higher exports by 250k for net increase by 430k bpd or 3 mm bbl a week. Still less than 4.1 mm. Demand is lower than prepandemic.
But good news-most imports were to east coast where 90% imports are always. But exports jump -from productive South.
Distillate stcks were up despite higher exports and below seasonal normal refinery inputs. Not enough demand.
Also padd 2 and 3 crude draws were
5.3 mm bll combined. Better than 3.5 mm total those 2 padds account for all excesses, others are normal.
Imports are highly elevated, but I expect them to drop by 1
mmbpd in coming weeks. I expect crude draw about 7 mm bbl next week with small
builds in gas and distillate.