Before we get to the EIA report: US implied oil demand on a four-week basis just hit an all-time high for this time of the year. Link here.
- US crude oil in storage decreased by an impressive 3.6 million bbls. WTI: up slightly on news.
- US crude oil in storage stands at 420.0 million bbls; 7% below five-year average
- US crude oil imports averaged 6.8 million bbls; yawn; increased by 0.6 million bbls; four-week average of 6.5 million bpd is almost 14% more than same four-week period last year;
- US refiners are operating at 89.7% of their operable capacity; yawn
- distillate fuel inventories decreased by 1.7 million bbls; 14% below the five-year average
- jet fuel product supplied was up 20.6% compared with same four-week period last year;
US crude oil and oil products in storage, including SPR:
This was part of President Biden's plan to lower gasoline prices. Much of the decrease in US storage was due to the release of "our" strategic reserve as ordered by President Biden. Most of our "strategic reserve" released crude oil went to China and India. An example of strategic thinking.
