US Daily Oil Summary: Unexpected Crude Stock Draw

Crude inventories showed the first draw in seven weeks counter to the Bloomberg survey expectations but as suggested by API data yesterday.

• EIA Weekly US Petroleum Summary - w/w change week ending Mar 08: Crude stocks -1,536 vs Exp +307, Crude production -100, Gasoline stocks -5,662 vs Exp -1,620: Implied mogas demand +31, Distillate stocks +888 vs Exp -704, Implied dist demand -699,
• Gasoline stocks drew more than expected with higher exports and small increase in implied demand offsetting an increase in production.
• Gasoline futures in New York have rallied to a near six-month high as demand continues to rise as peak US driving season approaches.
• Crude oil shipments into Europe from the US Gulf are on track to hit a new record of around 2.23mbpd in March, up from 1.96mbpd in February, Bloomberg ship tracking data and fixture reports showed.
• An ultracracker unit at Marathon Petroleum’s 593kb/d Galveston Bay refinery in Texas had an upset on Mar. 12.
• USD: While equities consolidate at their elevated levels, the short-term path of least resistance remains lower for the greenback, and as such, the USD index is down 0.20% on Wednesday.