There are two main features of the latest US weekly data that stand out. First, and in line with our expectations, the truncated imports from the Gulf Coast due to Hurricane Isaac continue to work their way through the data. Crude oil imports surged by 1.28 mb/d w/w bringing the cumulative increase over the past two weeks to a sizeable 1.81 mb/d. Thus, despite a pick up in refinery runs, which increased by 0.6 mb/d over the week to 14.92 mb/d, crude oil inventories increased by a huge 8.5 mb. Of that, 4.8 mb was in the US Gulf Coast while another 3.1 mb of build was concentrated in the US East Coast. Perhaps the more important aspect of the increase is that relative to the five-year average, crude oil inventories increased by 13.5 mb, bringing the difference to that average to 39.7 mb, back to the mid-July levels.