US crude oil inventories posted a decrease of 0.3 MMbbl last week, according to the
weekly EIA report. Gasoline inventories increased 2.2 MMbbl, and distillate inventories
decreased 1.6 MMbbl. Total petroleum inventories showed a decrease of 1.6 MMbbl. US
crude oil production increased 100 Mbbl/d last week, per the EIA. Crude oil imports were
down 81,000 bbl/d to an average of 6.9 MMbbl/d versus the week prior.
Meetings among OPEC and other
oil-producing countries a couple of weeks
ago gave modest......
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