Larger than expected decrease in crude oil inventories offset by larger than expected increase in gasoline and distillate inventories. Impact looks

The U.S. Department of Energy reported a 3.9 MMB decrease in crude stocks over the prior week, greater than analyst expectations for a 1.0 MMB decrease. Crude oil inventories decreased by 2.2 MMB at PADD 5 (West Coast) week-over-week. Crude oil stocks are now 1% above the five-year high on an absolute basis and are 4% above the five-year high on a days of supply basis. Gasoline stocks increased by 3.9 MMB over the prior week, greater than analyst expectations for a 1.0 MMB increase. Gasoline stocks are now 3% below the five-year high on an absolute basis and are at the five-year high on a days of supply basis. Refinery utilization increased by 1.2% week-over-week, greater than analyst expectations for 0.1% increase. Refinery utilization is now 2% below the five-year low. Distillate stocks increased by 2.1 MMB over the prior week, greater than analyst expectations for a 0.9 MMB increase week-over-week. Distillate stocks are now 20% above the five-year high on an absolute basis and are 29% above the five-year high on a days of supply basis. -M