Director's Cut -- August, 2022

Director's Cut -- August, 2022:

Link here.

August, 2022:

• crude oil: 1,073,378 bopd (0.0% change); RF = +7.3%
• natural gas: 3,087,014 MCF / day (+1.0%)

SS COLA for 2023: 8.7%.

European fuel supply worries worsen:

• largest refinery (needs to be fact-checked) in Europe "malfunctions" -- whatever that means
• Biden administration considers banning US oil exports

EIA weekly petroleum report, link here. Scheduled to be released later this morning. I will miss the release, I will be biking. From the API yesterday, a huge build:

The American Petroleum Institute (API) reported a large build this week for crude oil of 7.054 million barrels. 

U.S. crude inventories have grown by roughly 28 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by nearly seven times that figure, at 184 million barrels. 

The build in crude oil inventories was made possible by the Department of Energy’s release of 7.7 million barrels from the Strategic Petroleum Reserves in the week ending October 7, leaving the SPR with 408.7 million barrels. 

In the week prior, the API reported a draw in crude oil inventories of 1.770 million barrels after analysts had predicted a much build of 1.966 million barrels.

From the EIA: increased by a whopping 9.9 million bbls. But, this is incredible, US crude oil inventories are still 1% below the five-year average.  

WTI: up 2.44%; up $2.13; trading at $89.40.

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