Continuing our weekly series, Open Insights, we'll take a look at the EIA's Weekly Petroleum Status Report ("WPSR") for the week of May 3, 2019.
EIA reported a crude draw of 4.0M barrels for the week. Imports declined precipitously by 0.7M barrels per day (bpd) from last week and reached 6.7M bpd, which is nearer the four week average. Exports also weakened by 0.29M bpd and registered 2.3M bpd. Given where WTI/Brent spreads are (still hovering near $8.60/barrel), we anticipate exports to remain healthy, particularly as non-US demand increases as supply outages and increasing refinery