Dashboards Have Posted; Weekly EIA Petroleum Report -- June 15, 2022

EIA dashboards:

• EIA pdf, Bakken: https://www.eia.gov/petroleum/drilling/pdf/bakken.pdf
• EIA, pdf, Permian: https://www.eia.gov/petroleum/drilling/pdf/permian.pdf
• EIA, pdf, Eagle Ford: https://www.eia.gov/petroleum/drilling/pdf/eagleford.pdf

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Weekly EIA Petroleum Report

WTI: just before report was released -- down about a buck; trading at $118.0

Link here.

• US crude oil in storage increased by 2.0 million bbls (was that SPR release really necessary?)
• US crude oil in storage now stands at 418.7 million bbls, 14% below the five-year average
• US imported 7.0 million bopd, an increase of 0.8 million bpd from the previous week
• US imports have averaged 6.5 million bopd, 2.2% more than same four-week period last year
• US refiners are operating at 93.7% of their operable capacity (compare with US government?), but Biden wants more
• distillate fuel inventories increased by 0.7 million bbls; inventories are now 23% below the five-year average
• jet fuel supplied was up 22.6% compared with same four-week period last year

All-in-all:

• not much changed;
• US oil sector seems to be meeting US demand

WTI: after report was released -- down about 75 cents; trading at $118.0. No change.  Later: WTI continues to drop ever so slightly.

• I have no thoughts on how to explain this, other than what I've previously posted.

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How Important Is Libya?

On the day that it was reported that Libya oil production ground to a halt -- taking one million bopd off the global market -- WTI plunged from $123 (and trending higher) to $117  (and trending lower).