Crude inventories fell marginally this week
Nevertheless, excess crude inventories, as measured by seasonally-adjusted days of turnover, rose 6.7 mb on flat refinery runs at a time when they should be rising seasonally.
Product inventories are normal
Excess inventories in in aggregate were up 10.6 mb, a pretty hefty, but not unprecedented, gain
Total, gasoline, and distillate consumption (supplied) were all down this week but still look good on a 4 wma basis
Gasoline supplied in particular is looking healthy, generally a positive signal for the economy
US crude and condensate production declined by 0.1 mbpd to 12.2 mbpd, materially unchanged since last August
Oil prices remain range-bound.
The futures curve remains in soft contango, with the market expecting normal supply/demand conditions to return in the second half of the year