US Refiners Finally Reducing Crude Inventories

According to monthly data and weekly estimates from the Energy Information Administration (EIA), US domestic crude production continues to surge higher on increasing drilling activity. Meanwhile, US refiners are finally beginning to draw their crude stocks lower, from multi-year peaks, on higher crude runs and moderately-lower crude imports. This continuing dynamic would imply sharply lower crude imports for the remainder of 2012, to levels not seen since 1997. Download here