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Crude Oil Dips After Bearish Inventory Build As Imports Rebound While Natural Gas Holds Onto Small Gains As Near-Term Temperature Outlook Cools; EIA Projected To Announce Bearish +90 BCF Natural Gas Storage Injection In Today's Report

Thursday, April 25, 2019
In its weekly Petroleum Status Report for the week of April 13-19, the EIA announced Wednesday morning that inventories rose by +5.4 MMbbls. While this was shy of the American Petroleum Institute's (API's) forecast of a +6.8 MMbbl build, it was still quite bearish versus the 5-year average +1.9 MMbbls. With the build, storage levels rose to 460.6 MMbbls, the highest since October 6, 2017. Inventories continue toe the line between surplus and deficit versus the 5-year average and last week's deficit flipped back to a +3.0 MMbbl surplus. Levels are at a more sizable +30.9 MMbbl surplus compared to the same week last year.

The primary driver of this week's bearish build versus last week's surprise drawdown was a sharp rise in imports. Imports rose by nearly 1.2 MMbbls week-over-week to 7.15 MMbbls/day, the highest since February but, as the Figure to the right shows, a steep 1.3 MMbbls/day lower compared to 2018. Nonetheless, this amounts to an 8.4 MMbbl weekly increase in supply ...

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