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US Daily Oil Summary: Stock Draw Exceeds Expectations

OIL

US crude stocks showed a larger than expected draw with an increase in refinery runs and drop in production from the record levels. The draw is despite exports easing lower and a surge in imports. The unaccounted oil adjustment figure also showed a big drop on the week.

  • EIA Weekly US Petroleum Summary - w/w change week ending Dec 01: Crude stocks -4,633 vs Exp -774, Crude production -100, SPR stocks +330, Cushing stocks +1,829, Gasoline stocks +5,420 vs Exp +1,187, Implied mogas demand +260, Distillate stocks +1,267 vs Exp +1,069, Implied dist demand +742, Tot product stocks +2,920.
  • US officials continue to engage with Venezuelan representatives from Maduro’s government according to State Department official Brian A. Nichols on Tuesday as the Biden Administration considers reinstating oil sanctions.
  • The US Coast Guard said Wednesday it was responding to an oil discharge near the Main Pass Oil Gathering (MPOG) Co's pipeline system in the Gulf of Mexico.
  • USD: Despite some moderate intra-day weakness, the greenback looks set to close Wednesday’s session at its best levels, although G10 ranges have remained contained. A close here for the USD index (+0.09%) would see a fifth positive session in the last six trading days, with price action broadly consolidating the most recent 1.5% recovery as we approach Friday’s non-farm payrolls release.
  • The Atlanta Federal Reserve's latest estimate for real GDP growth for Q4 2023 (seasonally adjusted annual rate) has inched up to 1.3% from 1.2% the week prior.

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