US crude oil inventories saw biggest gain in percentage terms since 2008 - Natixis

Research Team at Natixis, notes that the US crude oil inventories saw a significant increase by 14.42mn bbl wow in the week ended 28 October and was the biggest gain in percentage terms since 2008.

Key Quotes

• “Part of the reason was due to net crude oil imports increasing by 1.99mn b/d wow to 8.59mn b/d.
• Domestic crude oil production rose by 18,000 b/d wow.
• Crude oil stocks in Cushing rose slightly, by 90,000 bbl wow.
• Total crude processing rate fell by 0.47% pts wow to 85.2%.

Oil Products

• Total oil products inventory fell by 5.37mn bbl wow, driven by significant stock drawdowns in distillates, gasoline and kerosene and other oils.
• Residual fuel and unfinished oils saw stock builds of just over 1mn bbl wow each.
• Aggregate oil and oil product stocks rose by 9.05mn bbl wow.
• In addition, demand for oil products rose by 2.09% yoy.
• This was driven by a 33.7% yoy rise in demand for propane.
• However, other oils demand contracted by 4.0% yoy and distillate fuel oil demand fell by 3.6% yoy.”