US refinery demand  

The EIA (U.S. Energy Information Administration) reported that US refinery crude oil demand rose by 347,000 bpd (barrels per day) to 17,285,000 bpd on April 14–21, 2017. US refinery crude oil demand rose 2.1% week-over-week and 9.1% YoY (year-over-year). Refinery demand is at the highest level ever. US refineries operated at 94.1% of their operable capacity in the week ending April 21, 2017. Refinery demand rose for the sixth straight week. The rise in refinery demand is bullish for crude oil (RYE) (XES) (XOP) prices. For more on crude oil prices, read Part 1 of this series.

Higher crude oil prices have a positive impact on oil producers’ earnings like Contango Oil & Gas (MCF), Apache (APA), Goodrich Petroleum (GDP), and Continental Resources (CLR).

US Refinery Demand Hits an All-Time High

US crude oil imports  

The EIA reported that US crude oil imports rose by 172,000 bpd to 8,113,000 bpd on April 14–21, 2017. Imports rose 2.2% week-over-week and 7.5% YoY.

US crude oil inventories 

The rise in refinery demand on April 14–21, 2017, would have likely led to the fall in inventories. The rise in US crude oil production and imports 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 of this series, we’ll take a look at US gasoline inventories and how they impact gasoline and oil prices.

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