What A Nice Surprise -- Despite The Three-Day Weekend, "Focus On Fracking" Has A New Edition -- May 29, 2022

May 29, 2022: link here. The lede:

• natural gas price hit 13½ year high; SPR at a 34½ year low; refinery use highest since 2019; first rig drop in 31 weeks 
• natural gas prices hit 13½ year high after a six-fold increase in less than 2 years; 
• US oil exports at a 26 month high even with SPR at a 34½ year low & US oil supplies at a 17 year low; 
• total oil + products inventories at a new 13½ year low even with highest refinery utilization rate since 2019 & greatest refinery throughput in 11 months; 
• rigs down first time in 31 weeks