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US crude oil stocks decreased by 1.3 MMBbl last week. Gasoline and distillate inventories increased by 2.3 MMBbl and 0.3 MMBbl respectively. Yesterday afternoon, API had reported a crude oil and distillate withdrawal of 1.28 MMBbl and 0.35 MMBbl respectively alongside a 2.68 MMBbl gasoline build. Analysts had expected builds of 1.0 MMBbl/d and 0.9 MMBbl/d in crude oil and gasoline stocks respectively. The most important number to keep an eye on, total petroleum inventories, posted a decrease of 0.1 MMBbl. For a summary of the crude oil and petroleum product stock movements, see table below.

US production was estimated to be up 9 MBbl/d from last week per EIA’s estimate. Imports were down 0.845 MMBbl/d last week to an average of 7.6 MMBbl/d. Refinery inputs averaged 16.4 MMBbl/d (271 MBbl/d more than last week), leading to a utilization rate of 90.8%. The petroleum stocks report is neutral as it came within expectations of API and analysts. Prompt month WTI prices were up following the report, but came down shortly after and currently trading at $47.93/Bbl.

Crude oil prices rose at the beginning of the week with reports that OPEC was close to agreeing on the de...