Updates
Later, 7:22 p.m. CT: implied demand.
Original Post
EIA's weekly petroleum report, link here.
- US crude oil inventories decreased by a fairly significant amount, down 4.6 million bbls.
- US crude oil inventories now stand at 428.3 million bbls, still 7% below the five-year average.
- US crude oil imports were down by 28,000 bopd (yawn); over past four weeks, crude oil imports have averaged about 6.5 million bbl/day, 15.4% more than the same four-week period last year.
- refiners are operating at 89.8% of their operable capacity; essentially no movement in either direction;
- distillate fuel inventories decreased by 2.9 million bbls; still 9% below the five-year average;
- and, the all-important jet fuel supplied: up 27.3% compared with same four-week period last year
The big question: how low could jet fuel "supplied" drop? It looks like we are a headline away from the NFL announcing that certain games will be postponed, or canceled.
US crude oil in storage: it's been a long time since we've gone below 430 million bbls in storage --
