- US crude oil in storage decreased by a moderate 2.1 million bbls from the previous week;
- US crude oil in storage now stands at 417.9 million bbls, 8% below the five-year average;
- US crude oil imports averaged 5.9 million bbls per day last week, yawn; decreasing by 0.9 million bbls per day from the previous week;
- over the past four weeks, imports averaged 6.3 million bopd, almost 17% more than the same four-week period last year
- US refiners are operating at 89.8% of their operable capacity, no change
- distillate fuel inventories reported by EIA corroborate API estimates from yesterday reporting an increase of 4.4 million bbls last week -- which is a big deal -- based on other data, it suggests "demand destruction" more than anything else -- high prices;
- distillate inventories are 16% below the five-year average
- total products supplied over the last four-week period averaged 21.4 million bbls/day up by 14% from same period last year;
- jet fuel product supplied was up almost 40% compared to same four-week period last year
At time of release of this report:
- WTI: up 1.35%; up $1.04; trading at $78.03.
