Crude Rebounds as Inventory Declines

Total crude oil and petroleum products stocks declined -1.53 mmb to 1049.4 mmb in the week ended November 4. Crude stockpile fell -1.37 mmb to 338.09 mmb as stocks slipped in 4 out of 5 PADDs. Cushing stock dipped -0.93 mmb to 31.14 mmb. Utilization rate slipped -2.7% to 82.6%.

Gasoline inventory dropped -2.11 mmb to 204.17 mmb as demand increased +1.80% to 8.67M bpd while production and imports fell -2.94% and -3.97% respectively. Distillate inventory plummeted -6.02 mmb to 135.87 mmb although demand slipped -0.27% to 4.36M bpd. Imports dropped -16.39% and production dipped -7.33% during the week.

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Crude Rebounds as Inventory Declines