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
Looking like demand has recovered for gasoline and jet fuel. Still oil coming out of the SPR, imports of crude and distillates 7.5mmbbl last week. USA is now a net importer again, and note that domestic oil production edged down. (one week report does not make a trend)
ReplyDeleteIn about 10 weeks hurricane season starts, if one hits between Houston and Biloxi causing shipping delays, offshore production, or refinery shutdowns, you will see serious spike of gasoline cost and availability.
I think the demand story is going to be fascinating.
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