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EIA has updated its weekly data on petroleum products this morning. Crude inventories reached 426 million barrels this week, up 1.68 million from last week. Although it is far from the peaks of the last five years, it is only slightly above the five-year average for stock levels. These figures correspond to seasonal trends. oil inventories generally increase as refineries retool winter mixes.
Strong foreign demand combined with increased production has reduced crude oil exports to their second-lowest deficit in the last five years. The smallest deficit is actually that of earlier this month (10/5). Throughout this year, the crude export deficit has been kept at a very low level compared to the last two decades.
At the end of the interim season, refinery demand began to return to more normal levels. Refinery throughput has reached high levels for most of the year and remains high compared to the last five years, but is much closer to the average than it was before.
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