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I wouldn't expect the report to have much impact on prices as, in sum, commercial inventory growth was a minimal 0.7 million barrels for the week.
A very "crude" way of looking at this is that it took an additional 5.8 million barrels or so of imports from the week before to produce marginal growth in stocks. Ouch.
I doubt that the 2.0 mb distillate draw is going to engender much cheer either.
In sum, distillate and gasoline inventories dropped 1.3 million barrels - a cool million barrels more than forecast.
Refinery utilization is up but products are down. Who'd thunk it?
It might take longer to process the heavy sour stuff that KSA has available as 'margin'. The API of imports is going up, which may reduce the light outputs.
not to be rude, but crude runs through a refinery at the same rate no matter what the source. Either you can run Saudi hihg sulfur crudes or you can't.
A lot of this is just noise. But it's not a surprise that heating oil is moving from primary storage (refineries) out to secondary and tertiary storage to get ready for heating season. Consumers are starting to think about filling the tanks for December. Heating oil distributors need their stocks ready to go. Americans don't fill up in summer so distributors aren't going to have expensive inventories just sitting around. The carry costs are painful.
Thanks for the correction