- US crude oil in storage stands at 416.8 million bbls; still way more than we need.
- US crude oil increased by 2.0 million bbls. WTI steady after report released.
- US crude oil imports averaged 6.2 million bopd; down by 64,000 bpd; over the four-week period, imports up 1.9% compared to a year earlier (yawn).
- US refiners operating at 94.2% of their operable capacity -- this is a huge story. I hope it's not all due to refiners being forced to blend ethanol; if so, the number is worthless.
- US distillate inventories increased by 2.6 million bbls; inventories 23% below five-year average.
- US jet fuel supplied was up 26.5% compared to a year ago, but we need to see comparison with 2019.
All-in-all, a ho-hum report. At best it doesn't detract from bull case but certainly doesn't do much more than that.
Refiners:
- MPC hit an intra-day 52-week high yesterday and again today in early trading (folks may want to fact-check that).
- Valero: ditto
- PSC: ditto
- COP: ditto
- XOM: ditto
- CVX: ditto
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All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.
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