UBS-Weekly Oil Data Crude draws, products build-20250820

Crude stocks draw, bullish vs. consensus and seasonal norm

Crude oil inventories fell by 6.0Mb, which is bullish vs. the consensus draw of -1.8Mband the 5-year average draw of -3.8Mb. Yesterday's API data also indicated a draw of -2.4Mb. Refinery utilisation rose by 20bps w/w to 96.6% of operable capacity (consensus-70bps w/w). In addition, net crude imports fell by -1.2Mb/d w/w, while productionexperienced a modest rise of +60kb/d to 13.4Mb/d.

Product demand rose, led by distillate

Implied oil products consumption experienced a marginal rise of 0.1Mb/d w/w to21.5Mb/d. This increase was driven by an increase in distillate of +0.3Mb/d, along withpropane and jet fuel, each up by 0.1Mb/d. These gains were offset by declines ingasoline of -0.2Mb/d and fuel oil of -0.1Mb/d. Analysing the 4-week average, totaldemand increased by 3% w/w, standing at 21.2Mb/d.