U.S. OIL INVENTORIES DOWN
OGJ - US crude oil inventories fell for an eighth straight week and drawdowns appear to be expanding.
Excluding those in the Strategic Petroleum Reserve, commercial crude stockpiles fell 6.4 million bbl during the week ended May 26 compared with the previous week's total.
At 509.9 million bbl, US crude inventories are in the upper half of the average range for this time of year.
The American Petroleum Institute indicated US crude inventories fell 8.7 million bbl for the week.
Total motor gasoline inventories decreased 2.9 million bbl last week but are near the upper limit of the average range. Both finished gasoline inventories and blending components inventories dropped.
Distillate fuel inventories increased 400,000 bbl and are near the upper limit of the average range for this time of year. Propane-propylene inventories climbed 3.4 million bbl but are in the lower half of the average range. Total commercial petroleum inventories lost 5.2 million bbl.
US crude refinery inputs during the week averaged 17.5 million b/d, up 229,000 b/d from the previous week's average. Refineries operated at 95% of their operable capacity.
Both gasoline production and distillate fuel production increased to 10.4 million b/d and 5.2 million b/d, respectively.
US crude imports averaged 8 million b/d, down 309,000 b/d from the previous week's average. Over the last 4 weeks, crude imports averaged 8.1 million b/d, up 6.6% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 703,000 b/d. Distillate fuel imports averaged 105,000 b/d last week.
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IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.
IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.
U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.
IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.