Continuing our weekly series, Open Insights, we’ll take a look at the EIA’s Weekly Petroleum Status Report (“WPSR”) for the week of August 2, 2019.
EIA reported a crude build of 2.4 million barrels for the week, breaking a 7-week string of draws that saw crude inventories fall from 486 million barrels to 437 million barrels, a decline of close to 49 million barrels. We believe the declines will resume in August as refineries continue running at higher levels. Along those lines, refinery throughput increased by 3.4%, a significant climb from the prior week, and