Crude Oil Extends Decline Despite Inventory Draw
BonTradeTotal crude oil and petroleum products stocks rose +0.14 mmb to 1125.05 mmb in the week ended August 6. While this marked the 9th consecutive weekly gain, the increase was significantly milder when compared with +6.10 mmb and +9.00 mmb in the previous 2 weeks. Crude oil inventory declined -2.99 mmb to 354.99 mmb. While the Midwest and the West Coast saw -2.33 mmb and -2.27 mmv falls during the week, these were partly offset by builds in the East Coast and the Gulf Coast. Cushing stock dipped for the first time in 5 weeks by -0.11 mmb, to 37.72 mmb. Utilization rate slid to 88.1%, the lowest level since June 11.
