WTI: before we get started - how did "oil" react to the US jobs report released an hour ago? Glad you asked.
- up 1.38%; up $1.42; trading at $104.20.
US crude oil, days supply, up slightly, from 25.3 days to 25.8 days. Way down from high of 40+ days but nowhere near any shortage of oil. To what extent is SPR release helping? Who knows but it is certainly helping China -- US is exporting a lot of its oil to China to help keep their prices down.
US exports of crude oil and petroleum products: most recent full month data, April, 2022 -- 9.527 million bopd which set a record for the month of April.
Most recent export data: 9.57 million bopd.
Off topic, but with assassination of Japan PM Abe, will Biden Admin offer comment, as Abe was close ally of Trump Admin?
ReplyDeleteIs current Trump hate that bad?
Generally, US presidents take the "high road" on such tragic news.
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