OIL: Inventory Data, Refinery Turnarounds Being Watched

September 10, 2020

API's showed a +3MM Crude Oil build, +2.6MM Cushing build, and a net -4.6MM drop in Product stocks. DOE stocks were fairly in line with the APIs, seeing a +2MM Crude build, +1.9MM Cushing build, and a -4.7MM drop in Product stocks.


Turnarounds are concerning to traders. Between Covid and a seasonal decline in demand due to refinery turnarounds after the end of summer driving season, record stockpiles could rise this Fall.


Yesterday the EIA reduced its 2021 World Demand estimate from +7MMBpd to +6.5MMBpd. 


OPEC+ Compliance in August was supportive. Everything is relative, as the market still will be looking for additional cuts from Iraq and Nigeria in September. See table below from the linked article:


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