We took a brief hiatus from our weekly series Open Insights to update our oil thesis, recently published here, but we’re back now back to looking at the EIA’s Weekly Petroleum Status Report (“WPSR”) for the week of November 29, 2019.
EIA reported a draw this week of 4.9M barrels, breaking a four-week string of consecutive builds. Crude exports declined less than imports, so overall net imports increased by 140K bpd. The draw was largely caused by increasing refinery throughput, rising from 89.3% to 91.9%.
Gasoline inventories increased by 3.4M barrels, whereas distillates also