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.
