U.S. OIL INVENTORY DOWN BY 5.6 MBD
OGJ - US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 5.6 million bbl for the week ended Dec. 1 compared with the previous week. The latest estimate is 448.1 million bbl, which puts oil supplies in the upper range for this time of year, the US Energy Information Administration said.
The Petroleum Status Report also said total motor gasoline inventories increased by 6.8 million bbl. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 1.7 million bbl.
Propane-propylene inventories increased by 1.3 million bbl, and that level is in the middle of the average range, EIA said.
US refinery inputs averaged 17.2 million b/d for the week ended Dec. 1, which was 192,000 b/d more than the previous week's average. Refineries operated at 93.8% of capacity.
Gasoline production decreased, averaging about 9.8 million b/d. Distillate fuel production increased, averaging 5.4 million b/d.
US crude oil imports averaged 7.2 million b/d, down by 127,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.6 million b/d, nearly 5% less than the same period last year. Total motor gasoline imports averaged 488,000 b/d. Distillate fuel imports averaged 145,000 b/d.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.