as a draw for products more than offset a build in crude

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Oswinw011

Senior Member
Chinese
https://www.ogj.com/general-interes...econd-half-could-see-oil-demand-exceed-supply
Early data show China’s implied stock build in first-quarter 2020 at 2.1 million b/d, and US stocks increased by 500,000 b/d. OECD data show that industry stocks in February fell by 35.4 million bbl to 2.87 billion bbl as a draw for products more than offset a build in crude.

Hi, everyone
I wonder if my interpretation of the bold phrase is correct: as an attraction for products, the felling of stocks is greater than the build in crude. (Stocks fell...more than offset..)

Edit: I might get it wrong.
The bold phrase means, because a draw(decrease, I didn't find such definition in wr dictionary though) offset a build, and after the offseting, the decrease still exists.
 
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  • kentix

    Senior Member
    English - U.S.
    No.

    This definition of draw

    to bring, take, or pull out, such as from a source:[~ + object (+ from + object ) ] to draw water from a well.

    In this case, they are drawing (i.e. withdrawing) products (gasoline, kerosene, petrochemicals, etc.) for sale from the main supply storage. They are taking out more things to sell than they are putting new crude oil supplies in*. So the overall level in storage has gone down.

    * The crude oil will be turned into more of those products above.
     
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    Oswinw011

    Senior Member
    Chinese
    No.

    This definition of draw

    to bring, take, or pull out, such as from a source:[~ + object (+ from + object ) ]to draw water from a well.

    In this case, they are drawing (i.e. withdrawing) products (gasoline, kerosene, petrochemicals, etc.) for sale from the main supply storage. They are taking out more things to sell than they are putting new crude oil supplies in*. So the overall level in storage has gone down.

    * The crude oil will be turned into more of those products above.
    Got it, thanks for your detailed reply, kentix. I grasped all but one point: does "as" mean "when" or "because"?
     
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