Weekly EIA Petroleum Report -- June 8, 2022

Link here.

• 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

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

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.