Weekly EIA Petroleum Report -- January 20, 2022

Monthly EIA petroleum report: pending. Will be released at 10:00 a.m. CT.

• US crude oil inventories increased by a paltry 0.5 million bbls;
• US crude oil inventories now stand at 413.8 million bbls; 8% below the previous week; yawn;
• US imports averaged 6.7 million bbls per day last week, an increase of 0.7 million bbls per day from the previous week; over the past four weeks oil imports averaged about 6.4 million bbls per day; yawn;
• US refiners operating at 88.1% of their operable capacity; yawn, but the trend is going the wrong way (or the right way considering that US gasoline demand is dropping like a rock);
• distillate inventories decreased by 1.4 million bbls last week; about 16% below five-year average; ouch; farmers take note;
• jet fuel supplied was up 31.8% compared with same four-week period last year

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The Jolly Giant

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