Expect Crude prices to continue upward rally: Nirmal Bang

Nirmal Bang has come out with its report on crude oil. According to the research firm, crude oil prices are expected to continue the upward rally, so one can buy crude on dips.
INVENTORY:
•    U.S. commercial crude oil inventories decreased by 3.729 million barrels much lower than the expectation of 0.267 million barrels and stood at 369.86 million barrels. The fall was due to higher refinery runs.
•    Total motor gasoline stocks declined by 1.801 million barrels last week to 206.07 in line with the expected drop of 1 million barrels. Both finished gasoline inventories and blending components inventories decreased last week.
•    Distillates, which includes both heating oil and diesel, fell 0.724 million barrels to 123.5 million barrels lower than the expected stock level of 0.6 million barrel, which is the lowest since the start of the year.
•    Stockpiles at the Cushing, Oklahoma hub for NYMEX Crude declined by 0.8 million barrels and stood at 44.30 million barrels.
REFINERY UTILIZATION:
•    U.S. crude oil refinery inputs averaged 15.61 million barrels per day during the last week, up by 36 thousand barrels per day compared to the previous data.
•    Refinery utilization increased by 0.4% to 92.6% compared to previous rate of 92.2% which is almost in line with the expectation.
•    Total motor gas production increased last week, averaging 9.25 million barrels per day.
•    Distillate fuel production increased to 4.7 million barrels per day compared to previous production of 4.62 million barrels per day.
IMPORTS:
•    U.S. crude oil imports rose by 0.22 million barrels per day to 8.62 million barrels per day last week.
•    Crude oil product imports averaged 1.93 million barrels per day last week, up by 0.213 million barrels as compared to the previous data.
DEMAND:
•    Total products supplied over the last four-week period have averaged 15.4 million barrels per day, down by 0.02 percent compared to the similar period last year.
•    Over the last four weeks, motor gasoline product supply has averaged nearly 9.2 million barrels per day, up by 3.33 percent from the same period last year.
•    Distillate fuel product supplied has averaged 4.9 million barrels per day over the last four weeks, up by 3.15 percent from the same period last year.
•    Jet fuel product supplied has averaged 1.78 million barrels per day over the last four weeks, up by 7.3 percent from the same period last year.
Source: Money Control