Weekly EIA Petroleum Report -- November 16, 2022

Link here.

• US crude oil inventories decreased by a whopping 5.4 million bbls -- whopping when one considers the huge SPR releases this past year;
• US crude oil in storage now 4% below the five-year average despite the unprecedented release of oil from the SPR. Joe Biden knew what he was doing.
• Refiners are operating at 92.9% of their operable capacity -- about as high as they get this time of year.
• Distillate fuel inventories increased a bit but are still 15% below their five-year average -- but that's better than the 20% they've been running this past year. Having said that, the so-called "diesel shortage" is a regional problem to a great extent.
• Jet fuel product supplied was up 1.2%.

The traders already knew: WTI is down 2.15%. Recession risks trump falling crude oil inventories.