US Distillate Inventories Fell for the Fourth Straight Week

The EIA (U.S. Energy Information Administration) reported that US distillate inventories fell by 1.72 MMbbls (million barrels) to 147.7 MMbbls on July 28–August 4, 2017. Inventories fell 1.1% week-over-week and by 3.5 MMbbls or 2.3% YoY (year-over-year).

A market survey estimated that distillate inventories would have fallen by 0.1 MMbbls on July 28–August 4, 2017. US diesel futures rose on August 9, 2017, due to the larger-than-expected fall in inventories. They rose 1.5% to $1.65 per gallon on August 9, 2017. Likewise, US crude oil (RYE) (USO) (UCO) futures rose on August 9, 2017.

Higher crude oil (IEZ) (XES) (DIG) and diesel prices have a positive impact on oil refiners and producers like Western Refining (WNR), Marathon Petroleum (MPC), Hess (HES), Bill Barrett (BBG), and Swift Energy (SFY)…


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