- US crude oil in storage increased by a whopping 8.5 million bbls of oil; looks like that SPR release was exactly what we needed; refiners are ... well, what can I say? Going nuts in a good way.
- the SPR release was to be one million bopd x 7 days = 7 million bbls (I often make simple arithmetic errors)
- did President Biden simply shift SPR oil into commercial oil storage?
- with so much oil in storage, one would think WTI would drop precipitously; rose 5% this morning; oh, that's right, Putin is causing the rise in oil prices in the US
- US crude oil in storage now stands at 424.2 million bbls; 13% below the five-year average;
- with Saudi, UAE concerned about lack of spare capacity, might it be prudent to start refilling the SPR? Asking for a friend.
- US crude oil in storage, in days of supply: trending up; numbers later. About 26 days, trending toward 27 days; way more than needed for this time of year.
- US crude oil imports averaged 6.3 million bpd last week (yawn, again); down by 62,000 bpd from the previous week, a rounding error, background noise;
- US refiners operating at 90% of their operable capacity; one wonders why they aren't working hard at the diesel problem; oh, that's right -- the Keystone XL was killed.
- US distillate inventories decreased by 0.9 million bbls;
- US distillate inventories now a whopping 23% below five-year average and farmers now planting (or have planted) this year's crops; getting ready to fertilize;
- jet fuel supplied was up 26.9% compared with same four-week period last year;
- gasoline demand later today.
WTI: up 5.43%; up $5.42; trading at $105.20.
US gasoline price hits new high. President Biden blames it on Putin's War. I haven't quite figured out that logic yet.
And, yes, I did buy more energy stocks earlier this morning.
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