Social Media After Release Of Today's EIA Weekly Petroleum Report -- June 2, 2022

Following the release of the weekly EIA petroleum report, tweets (most with no links):

• if OPEC+ can only increase by 649,000 bopd -- remember, Russia will be down at least two million bbls per day -- expect a higher floor for prices;
• US crude inventories fell by 10.489 million bbls last week
• commercial: - 5.068 million
• SPR: 5.421 million bbls released
• domestic production: 11.9 million bpd
• Cushing: +0.2 million -- that slight increase probably kept WTI from rising more quickly after the report
• still very bullish (link here)
• EIA charts here (link here).
• implied oil demand for US is well behind that of 2019, same time period, 19.5 million bopd vs 21.5 million bopd
• SPR release is preventing $150-oil
• exports of 10.377 million bbls crude was the third highest level ever 
• total US gasoline inventories are at their lowest May level since 2014.
  

As a reminder, re-posting:

WTI:

• prior to report being released, WTI back up to $115 after falling to $112 overnight;
• moments after the report was released: WTI back to $114.60 
• about fifteen minutes after the report released: back to $115.50.
• thirty minutes after release of the report: $116.10 -- back where we were two days ago.
  
• looks like we're in a $110 to $120 trading range.
  

OPEC+:

• agrees to precisely a 648,000 bopd production hike in July, 2022.
• I know they spent hours deciding whether it should be 649,000, or even 650,000 but the latter, 650,000 would have seem contrived

The report: the week ending May 27, 2022, so this would have been just before Memorial Day and the opening of driving season in the US.

Link here.

• US crude oil in storage decreased by a pretty significant 5.1 million bbls considering the SPR release.
  
• US crude oil in storage now stands at 414.7 million bbls, 15% below the five-year average, and about double that required by law.
  
• US crude oil imports averaged 6.2 million bbls per day last week; down by 268,000 bbls per day; over the past four weeks, crude oil imports have averaged about 6.4 million b/d, 7.3% more than the same four-week period last year
  
• US refiners are operating at 92.6% of their operable capacity, down very, very slightly from last last week (93%)
  
• US distillate inventories decreased by 0.5 million bbls; inventories stand 24% below their five-year average
  
• Jet fuel supplied was up 19% compared with same four-week period last year
  

Gasoline demand will be reported later.