How do we describe what we saw in EIA&#039s oil storage report today. It took us a while to start this summary paragraph, because there are too many things to point out about this report (yet again).
Basically, supplies threw the proverbial kitchen sink at US crude storage, and we saw an 856k bbl build. To give you an idea how many factors went against US crude storage this week: So let us take a look at 24 nice pictures sink kitchen storage below.
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And. we saw a build of 856k bbls in October during peak refinery maintenance season. That surely bodes well for US crude storage in November and December when refineries come back full throttle as gasoline and distillate storage are both now at the lowest level in the last 2 years.
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Then there&#039s the fact that US liquid stockpile dropped 12.226 million bbls last week bringing it below 2015&#039s level. Gasoline storage declined 5.465 million bbls, while distillate storage declined 5.246 million bbls.
Overall, this sets up for massive crude draws in November and December. When refinery throughput increases, US crude storage will accelerate to the downside.
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This brings storage draw YTD to 21.671 million bbls (including SPR release).