WTI: up 35 cents after EIA report released.
Weekly EIA petroleum report.
- Refiners operating at 89.8% of their operable capacity. Up slightly.
- US crude oil in storage decreased by 0.2 million bbls. Yawn.
- US crude oil in storage is now at 432.9 million bbls. Yawn.
- US crude oil imports averaged 6.5 million bopd, down by 105,000 bopd from previous week. Yawn.
- Distillate fuel inventories increased by 2.7 million bbls last week; still 7% below the five-year average.
- Jet fuel supplied was up 27% -- compared to same four-week period last year. Wow. Lowest increase I've seen in quite some time.
Fertilizer:
- not being talked about yet, but Europe, Russia are cutting back on fertilizer by huge amounts;
- I don't follow the story, but my hunch is that with the energy-rich status of the US, fertilizer companies here are going to do a booming business in 2022;
- in fact, everything points to the US widening its lead over the EU in every category in 2022;
- AMIRITE?
Time to google: Fertilizer Manufacturing Industry in the US -- Market Research Report, updated November 30, 2021. Link here. Most of it is behind a paywall, but the subject lines will take you were you need to go.
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