The build brings commercial stockpiles to 426.7 million barrels according to government data, which is still 6% below the five-year average for this time of year.
The Macquarie strategists highlighted in the report that, last week, the EIA “reported builds in commercial crude (+4.1 million barrels) and at Cushing (+0.9 million barrels), with mixed product stats (gasoline -3.0 million barrels, distillate +0.1 million barrels, jet +0.9 million barrels)”.