Jefferies-Energy Larger Than Expected Crude Build,Larger Gasoline Distillate Draw-20251008
这篇研报讲什么？
摘要原文摘录Inventories built overall this week, with combined crude oil, gasoline, and distillate stocks increasing ~0.10mn bbls vs the BBG median estimate of a ~1.77mn bbls overall draw.
机构观点归属Jefferies，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
Inventories built overall this week, with combined crude oil, gasoline, and distillate stocks increasing ~0.10mn bbls vs the BBG median estimate of a ~1.77mn bbls overall draw.
Please click [HERE] for full slides, graphically detailing the released data.
•Crude oil inventories built ~3.72mn bbls vs the BBG median estimate of a ~0.35mn bbls build.
•Gasoline inventories drew ~1.60mn bbls vs the BBG median estimate of a ~1.38mn bbls draw.
•Distillate inventories drew ~2.02mn bbls vs the BBG median estimate of a ~0.73mn bbls draw.
•Cushing crude stocks drew ~0.76mn bbls to ~22.70mn bbls, ~9% lower y/y.
•Refinery runs increased ~129kpbd WoW to ~16.30mmpd, ~5% higher y/y.
•Implied crude oil demand increased ~0.42mmbpd WoW to ~19.50mmbpd, in-line with year-ago 3-wk moving avg.
•Implied gasoline demand increased ~387kbpd WoW to ~9.82mmbpd, ~2% below year-ago3-wk moving avg.
•Implied distillate demand increased ~595kbpd WoW to ~5.59mmbpd, ~5% above year-ago3-wk moving avg.
•Crude adjustment factor was 161kbpd, a decrease of 505kbpd WoW vs week-ago level of 666kbpd.
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