The Commodities Feed: US products demand edges higher – MENAFN.COM

SourceMENAFN
SectorOil & Gas
CountryGulf

Oil prices were pushed higher yesterday, with the weekly EIA report showing some continued positive signals when it comes to US demand. US crude oil inventories increased by 90Mbbls over the week, which was largely driven by stronger imports, with crude oil inflows increasing by 1. 21MMbbls/d over the week, leaving imports to average 6.

62MMbbls/d – the highest weekly volume since July. In addition, refiners increased their utilization rates slightly over the week, leading to crude oil throughput increasing by 253Mbbls/d. Refined products consumption also improved, with implied demand for total products increasing by 1. 63MMbbls/d, leaving demand at the highest level since mid-February. A key driver behind this was stronger distillate fuel oil demand, which increased by 476Mbbls/d, helping to push distillate stocks down by 3. 34MMbbls. Gasoline inventories saw more modest changes over the week, increasing by just 92Mbbls. While demand appears to be trending in the right direction in the US, there are still clear concerns...read more...