EIA reported a bullish oil storage report this week. Crude, gasoline, and distillate all reported better than average storage changes. Total liquids in the US also dropped 3.357 mbbls versus the 5-year average build of 502k bbls.
On the crude side, US crude exports increased ~926k b/d w-o-w, while imports only increased 63k b/d. US refineries actually increased throughput by 170k b/d versus the modeled decrease. US refinery throughput should start to drop across February.
This week's US crude storage change of +1.263 mbbls was exactly in-line with our forecast. We need more wins in