US crude oil inventories "continue to crash," while products continue to build -- Julianne Geiger.
- US crude oil inventories dropped for fourth week in a row
- forecast: a draw of 3.9 million bbls
- actual: a draw of 6.4 million bbls
- prior week: a draw of a whopping 7.9 million bbls
- in addition to a draw of 2.1 million bbls from the SPR in the week ending December 2, 2022;
- SPR now at 387 million bbls
- overall:
- US crude inventories: grew by just 6 million bbls in 2022
- US SPR sunk by more than 32 times that figure: a decrease of 206 bbls in 2022
EIA data to be released tomorrow.
Crude oil production:
- US crude oil production: 12.1 million bopd; unchanged for the fourth week in a row
that's 400,000 bopd more than production at start of 2022: - production remains one million bopd less than that seen prior to the pandemic
Product build:
- gasoline:
- most recent week: a build of 6 million bbls
- previous week: a build of almost 3 million bbls
- distillate:
- most recent week: a build of 3.6 million bbls
- previous week: a build of almost 4 million bbls
- Cushing:
- most recent week: a build of 30,000 bbls
- previous week: a decrease of 150,000 bbls
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