PIRA Energy Group has said that overall commercial stocks built but the excess modestly narrowed. In Japan, crude runs fell due to typhoons and crude stocks drew on low imports.
- Overall commercial stocks built by 2.9 million bbls.
- The crude stock surplus to last year widened to 93 million bbls.
- Cushing crude stocks are 39 million bbls over last year, a new high for the year.
- US ethanol prices dropped to the lowest level in almost a month during the week ending 17 July.
- Ethanol production fell for the second consecutive week as some plants have been operating at lower rates due to poor margins.
- Inventories dropped by 181 000 bbls to 19.6 million bbls.
- Crude runs fell due to typhoon impacts, which also kept crude imports very low such that crude stocks posted a large draw.
- Finished product stocks rose due to a build in jet kero and fuel oil.
- Gasoline demand increased from holiday impacts and stocks drew.
- Gasoil demand was also higher, producing a modest stock draw.
- The indicative refining margin remained good and was little changed.
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