Crude Inventories Lower

Crude inventories drew for the fifth week in a row, the largest draw in 2017, according to the Energy Information Administration. Cushing stocks fell 438,000 barrels and SPR drew 551,000 driven by a large decline in net imports that were partially offset by refinery runs. Diesel inventories fell for the 12th week in 13 as net exports increased and refinery runs decreased, JPMorgan noted.

“Gulf Coast results were negative on crude and positive on products, with lower crude inventories and decreases in gasoline and diesel inventories,” the bank said. “Mid-Continent results were positive on crude and positive on products with a build in crude stocks and decreases in gasoline and diesel inventories. West Coast results were positive, with draws in gasoline and distillate stocks. East Coast results were mixed, with a significant build in gasoline inventories and a draw in distillate inventories.”

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By Bryan Smith