The firm also views demand, especially in gasoline, to be returning to normal.
Here's what you need to know now for Thursday, September 7.
As analysts expected, refinery runs were down substantially during the week ended Sept. 1, leaving crude stockpiles to increase by nearly 5 million barrels, while gasoline inventories were depleted by more than 3 million barrels.
The move comes as U.S. gasoline prices skyrocketed Thursday morning due to an East Coast pipeline shutdown by the nation's largest gasoline transporter, Colonial Pipeline Co.
While shut-in crude oil production is good for commodity prices, shut-in refineries will lead to a surplus of product and a lack of demand for electricity won't help.