US Refinery Demand Is near Record Levels
US refinery demand
The EIA (U.S. Energy Information Administration) reported that US refinery crude oil demand rose by 241,000 bpd (barrels per day) to 16,938,000 bpd on April 7–14, 2017. US refinery crude oil demand rose 1.4% week-over-week and 5.2% YoY (year-over-year). Refinery demand hit the highest level of 17.1 million barrels per day in January 2017. US refineries operated at 92.9% of their operable capacity in the week ending April 14, 2017. Refinery demand rose for the fifth straight week. The rise in refinery demand is bullish for crude oil (BNO) (IEZ) (FENY) prices. For more on crude oil prices, read Part 1 of this series.
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US crude oil imports
The EIA reported that US crude oil imports fell by 68,000 bpd to 7,810,000 bpd on April 7–14, 2017. Imports fell 0.9% week-over-week and 4.6% YoY.
US crude oil inventories
The rise in refinery demand and fall in imports on April 7–14, 2017, would have likely led to the fall in inventories. The rise in US crude oil production for the same period could have limited the fall in inventories. A rise in exports could have also contributed to the fall in inventories. Read Are US Crude Oil Exports Game Changers for the Crude Oil Market? for more on US crude oil exports. For more on US production, read the previous part of the series. For more on US crude oil inventories, read Part 2 of this series.
In the next part, we’ll take a look at US gasoline prices and how they impact crude oil prices.