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Americas Energy

US crude production bounce cushions stock draw

US crude oil production rebounded WoW to cushion another draw from stocks which has still left US inventories nearly a percentage point above year ago levels and nearly 15% higher than the five year average. US diesel demand meanwhile is lagging refiners’ demand for feedstock, with a nearly 5% weekly bounce in distillate output lending surplus product to a 2.1% stock build.

Biodiesel and renewable diesel supplied towards the US mandate gathered pace in the first five months of this year according to EPA, although peak summer blending has been slowed in the wait for last week’s RVO update. A trimmed advanced biofuel mandate for next year will allow slightly more breathing space for mineral diesel refiners.

For more information on PRIMA’s coverage of global biofuels supply and demand, contact [email protected]

MS – 12/07/2017

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