Oil:
- WTI: one penny short of $69
- Brent: $71.49
Services PMI: all-time high reported for May, 2021; link here.
Weekly EIA petroleum report, link here:
- US crude oil in storage decreased by a whopping 5.1 million bbls from the previous week;
- US crude oil in storage now stands at 479.3 million bbls; about 3% below the higher-than the historical five-year average;
- US crude oil imports averaged 5.6 million bpd; decreased by 06 million b/d; over the past four weeks imports averaged 6.0 million bpd; 0.7% less than same four-week period a year ago;
- refiners are operatig at 88.7% of their operable capacity;
- distillate fuel inventories increased by 3.7 million bbls last week; 8% below their five-year average for this time of the year;
- jet fuel supplied was up an astounding 138% compared with same four-week period last year;
After the report:
- WTI: 468.91
- Brent: $71.36
After Biden speech on infrastructure: Dow turns green
- Dow had been down as much as 200 points
- after Biden speech on infrastructure, corporate tax, Dow up 63 points
