API Data -- January 4, 2023

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