US distillate inventories
The U.S. Energy Information Administration released its weekly petroleum status on June 21, 2017. It reported that US distillate inventories rose by 1.1 MMbbls (million barrels) to 152.5 MMbbls on June 9–16, 2017. US distillate inventories rose for the fourth consecutive week. Inventories rose by 6.1 MMbbls or 4% in the last four weeks.
US distillate production, import, and demand
US distillate production rose 1.8% to 5,251,000 bpd (barrels per day) on June 9–16, 2017. Production rose 5.6% from the same period in 2016.
US distillate imports rose by 26,000 to 87,000 bpd on June 9–16, 2017. Imports fell 40% from the same period in 2016.
US distillate demand rose 2.8% to 4,158,000 bpd on June 9–16, 2017. Demand rose 6.5% from the same period in 2016.
US distillate inventories are above the five-year range. High distillate inventories would pressure diesel and crude oil futures.
For more on crude oil’s price forecast, read US and Brent Crude Oil Price Forecast for the Next 6 Months.
To learn more about crude oil, read Is It the New Bear Market for WTI and Brent Crude Oil? and Crude Oil Prices Could Collapse despite OPEC’s Production Cut.
Read Will US Natural Gas Bulls Overshadow the Bears? for more on natural gas prices.