May 17, 2017

Baird While constructive on balance, this week’s report failed to meet lofty expectations. Contrasting last week’s broad bullish readings, this week’s data proved more balanced. While crude and product inventories declined, overall inventory retrenchment fell shy of consensus projections. And though refinery utilization increased after recent drops, imports surged 1.0 MMbbls/d following two weekly declines. This mixed report may not

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