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What Drove US Distillate Inventories Last Week?

Why Did WTI Fall despite a Bullish Crude Oil Inventory Report?

(Continued from Prior Part)

US distillate production

US distillate production fell in the week ended August 21 to 4.906 million barrels per day (or MMbpd) from 5.072 MMbpd in the week ended August 14. The EIA (U.S. Energy Information Administration) reported that distillate products supplied averaged 5.038 MMbpd over the four weeks ended August 21. This is ~3.8% higher than the 4.853 MMbpd over the corresponding period last year. Compared to the prior four weeks, which ended August 14, the four-week average production fell almost 1%.

US Distillate demand

Distillate demand decreased from ~3.89 MMbpd in the week ended August 14 to 3.601 MMbpd in the week ended August 21. The EIA reported that distillate demand averaged ~3.705 MMbpd over the four weeks...