Wednesday, November 30, 2022

Staggering -- November 30, 2022

Weekly EIA petroleum report: staggering

  • US crude oil inventories: decreased by a staggering 12.6 million bbls
  • US crude oil inventories: at 141.9 million barrels, US crude oil inventories are 8% below their five-year average;
  • refiners operating at a whopping 95.2% of their operable capacity;

WTI -- prior to release of report: up 3.06% right now; trading at $80.59. 

Market reaction:

  • DVN: flat.
  • XOM: down slightly
  • EOG: flat.
  • HES: flat.
  • MNRL: up 1.3%; up 45 cents; trading at $35.30; pay an incredible 8.6%;
  • ENB: up 0.8%; trading at $41.18; pays 6.3%

Social media reaction:


  • Giovanni Staunovo: large swing in net crude imports; way down; down 1.732 million bopd

Holy moly: nearly a three-standard deviation crude draw

Julianne: US crude oill, oil products exports hit all-time high. Time for an export ban?

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