US EIA Refinery Crude Runs Change (Aug/28) 0.103M (Prev. -0.002M)

On its own this line rarely moves WTI; runs matter mainly as the denominator for the crude draw or build, since higher runs convert crude stocks into product and the market reads the two together. Episodes where runs rise while crude stocks still build have historically been the weaker signal for the flat price, pointing to supply outpacing processing capacity rather than genuine demand strength. The distinction worth drawing is between runs driven by healthy margins and runs sustained while cracks compress, the latter tending to precede utilisation cuts a few weeks out. The follow-ons within the same report are the gasoline and distillate stock changes against the runs figure, plus implied demand, and the calendar marker is the pace at which autumn maintenance begins to pull utilisation down. As a single component print, the signal is marginal and subordinate to the headline inventory numbers.