Weekly Petroleum Report -- Pretty Much Ho-Hum -- March 28, 2018

Weekly petroleum report:

• crude oil inventories: increased by 1.6 million bbls; now at 429.9 million bbls
• refineries operating at 92.3% operable capacity -- nice; pretty much the sweet spot between 92 - 94%
• gasoline production up a bit; distillate fuel production up a bit
• if folks weren't following crude oil inventories so closely, this would pretty much be a ho-hum report

Days of crude oil supply in the US: pretty much unchanged at 26 days

WTI: I'm impressed the price of WTI held as well as it did. By the way, did you all see that Mike Filloon expects WTI to get to $70 by June? That's only three months from now. I don't see that happening. Maybe $68?  But that's quibbling.

Gasoline demand: