Americas Daily Oil Summary: Crude Inventories Fall

Crude inventories showed an unexpected build amid a small drop in refinery runs and a dip in exports. Refinery utilisation fell in all regions except for the USGC which surpassed 90% for the first time since Jan.

• EIA inventory report also shows these changes for last week: Crude +3,210k Bbl, Median Est. -1,000k Bbl, Gasoline -4,256k vs est. +100k.
• The approaching start-up of the Trans Mountain Expansion could reshuffle the Pacific crude market, Argus said.
• Alberta’s total oil production rebounded in February by 146.7kb/d to 3.95mb/d as extreme cold eases according to Alberta Energy Regulator data.
• Alaska North Slope production was steady in March at 479,867 b/d in March, compared to 480,069 b/d in February, according to Alaska Department of Revenue data, cited by Platts.
• USD: Broad dollar weakness today was triggered by a soft set of ISM services data that helped reverse some of the latest pricing-out of Fed rate cuts. The USD index sits 0.5% lower on the session and has now completely erased Monday’s advance.
• ISM services misses at 51.4 (cons 52.8) in March after 52.6, and with downside surprises across the major components.
• The S&P Global US PMIs were almost unrevised in the final March print as they dipped slightly from from February levels. Services: Unrevised at 51.7 in March vs the prelim 51.7 and 52.3 in Feb
• US Election: Nebraska Governor Jim Pillen (R-NE) has endorsed a bill that would repeal a state law which assigns electoral college votes by Congressional district and making Nebraska a winner-takes-all state.