Falling US Stockpiles Offset Rise in Crude Stocks

Falling US Stockpiles Offset Rise in Crude Stocks”

While this almost perfectly offset the previous week's drawdown, the unexpected rise also defeated analysts' expectations for a 2.9m barrel decrease.

"The product stock draws are bullish despite the crude build", said Troy Vincent, oil analyst at ClipperData.

Rainwater from Hurricane Harvey surrounds oil refinery storage tanks in this aerial photograph taken above Texas City, Texas, U.S., on Wednesday, Aug. 30, 2017.

U.S. Midwest gasoline inventories fell to 44.5 million barrels last week, the lowest weekly figure since November 2014, EIA data showed. He also pointed out new reports say a fire broke out on Shell's Enchilada oil platform in the Gulf of Mexico, prompting its shutdown early Wednesday.

Gasoline inventories were up 520,000 barrels.

After the data was reported, at 14:45 London time, January Brent was at $63.12/bbl, down 57 cents/bbl, while December WTI was trading at $56.58/bbl, up 62 cents/bbl.

The American Petroleum Institute (API) reported a weekly draw of 1.562 million barrels in U.S. crude oil inventories, against an S&P Platts' survey of analysts that expected inventories would dwindle by 2.7 million barrels.

Crude oil stockpiles recovered last week as very large drops in product stockpiles were offset by a collapse in net imports. US gasoline futures pared losses after the report, which was seen as bullish for refined products.

Meanwhile, imports declined by 194,000 b/d versus the prior week to an average of about 7.4m barrels per day.

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