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:

• Bullish Trend:

• Giovanni Staunovo:

• 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?