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Extract from crude oil:
US crude stocks fell w/w by 3.1 mb to 482.4 mb, higher than the five-year average draw for the week of 2 mb, driven by draws in PADD 3. Still, this was only the fourth US draw since 29 March, with stocks having risen counter-seasonally by 40 mb compared to the five-year average draw of 2.3 mb. While the scale of reported builds remains under scrutiny as growing volumes of NGLs may be incorrectly being counted as crude, a plethora of unplanned refinery outages across PADDs 2 and 3 also contributed to the counter-seasonal crude builds. But with runs starting to push higher (+0.20 mb/d w/w), draws are starting. Indeed, May Mars had flipped into contango and had fallen sharply versus Brent averaging close to -$4 as crude stocks built. But now, July Mars has rallied sharply close to -$2 versus Brent and has flipped into backwardation, suggesting refiners have chewed through the overhang, pointing to sharp USGC draws in July.
Extract from oil products:
US gasoline stocks fell by 1.7 mb w/w as stocks declined in PADDs 1 and 3, leaving nationwide stocks at 233.2 mb, some 2.9 mb over the five-year average. USEC stocks declined by 1.4 mb w/w to stand at 62.1 mb, 2.5 mb lower than the five-year average despite gasoline imports into the region rising w/w by 0.12 mb/d to 0.71 mb/d. USGC gasoline inventories fell by 1.1 mb w/w to 83.5 mb, some 5.5 mb over the five-year average as regional refinery utilisation fell to 93.7% of capacity from 94.2% of capacity a week earlier. US gasoline stocks should trend lower in the coming weeks in line with seasonal patterns associated with peak summer driving demand as well as poor arbitrage economics for sending conventional gasoline to the USEC from Europe.