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Energy Data Response

Energy Data Response

US Weekly Petroleum Status Report

The large fall in US commercial crude stocks was mostly due to a renewed rise in exports. Implied gasoline demand rose for a second consecutive week, but this failed to lift prices amid growing concerns over demand prospects. That said, we expect that risks to supply could still support prices later in the year.

17 August 2022

Energy Data Response

US Weekly Petroleum Status Report

The rise in US crude stocks was in large part down to a drop in exports. More interesting was the jump in implied gasoline consumption, which probably reflects the recent fall in prices. This may not be sustainable if, as we think likely, Russia-related risks lead to higher crude prices later in the year.

10 August 2022

Energy Data Response

US Weekly Petroleum Status Report

Crude oil prices have been for a rollercoaster ride today, rising by $3 per barrel following the OPEC+ meeting, and then more than erasing those gains later on. Prices fell particularly sharply after US stocks data came out, which showed a rise in commercial stocks. But, we think investors might have missed the bigger picture, which is that stocks including government reserves fell for the 24th time this year.

3 August 2022
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Energy Data Response

US Weekly Petroleum Status Report

There were large increases in both crude and product exports in the latest data, which will add fuel to lobbyists’ calls for restrictions on exports while prices are high.

Energy Data Response

US Weekly Petroleum Status Report

US commercial stocks fell last week, largely on the back of a rise in exports and a drop in imports. The fall came despite another bumper release from the strategic reserve. As those government stock drawdowns ease over the remainder of the year, commercial stocks could easily fall further.

20 July 2022

Energy Data Response

US Weekly Petroleum Status Report

Total crude stocks fell again, mainly due to ongoing sales from the strategic reserve. That said, the big news was hefty builds in petroleum product stocks, suggesting that high prices are finally denting demand.

Energy Data Response

US Weekly Petroleum Status Report

US commercial crude stocks rose owing to a fall in net exports and lower inputs to refineries. For now, implied product demand remains in line with its seasonal norm, but we expect demand to be soft for the time of year in the coming months as product prices remain high.

Energy Data Response

US Weekly Petroleum Status Report

Commercial crude stocks fell last week as refineries raised production of petroleum products. However, refineries will probably struggle to raise output much further, with many of them operating near capacity. This, along with more strategic reserve releases, should put a floor under commercial crude stocks.

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