- moderate increase but huge implications: US crude oil inventories increased by even more than API data suggested -- increased by 2.2 million bbls
- an analyst at twitter noted: U.S. weekly crude oil exports 2.3 million b/d for the week ending 4/20, 4th week ever to surpass 2 million b/d; EIA US export data here but only goes through January, 2018, and that showed only 1.34 million bopd exported;
- US crude oil inventories now at 429.7 million bbls
- for newbies: old baseline - 350 million bbls; new baseline -- 400 million bbls
- refinery operating capacity dropped significantly: now down to 90.8%; for me, anything less than 93% is noteworthy
- going into the driving season, gasoline production decreased but still essentially unchanged at 10 mill million b/d; same with distillate fuel production at 5 million b/d
- overall, not much as changed, but US crude oil inventories continue to increase, and the Permian surge is yet to show itself
Gasoline demand graph has been posted.
- blue line: 4-week average, now
- red line: 4-week average, last year
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