US Distillate Inventories Fell for the Fourth Straight Week

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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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