Little things that should worry us:
- Weekly EIA petroleum report, last week:
- US crude oil in storage increased by a record-setting 16 million bbls
- US crude oil in storage is now 8% greater than its five-year average
- the price of WTI is established at Cushing, OK:
- there are indications that supplies at Cushing could surge;
- the #1 US crude oil export terminal, Corpus Christi, is near its max
- CC is near its max and there are projections that the Permian will break all-time production records this summer
- the amount of crude oil in US storage is now at 31.2 days -- a two-year-record (will link and post later)
- the Europeans are adapting to the war
- the Chinese re-opening is nowhere near as robust as "we all" predicted
- American office workers are still dragging their feet over whether to return to the office
- Devon cut its dividend; DVN is not buying back much in the way of shares; and, DVN shares are flat / negative y/y -- DVN was the darling of Wall Street Permian investors
- Chevron is going to add 100,000 bopd out off Venezuela starting next month; that's a small amount but it's my understanding that is must be routed to US refineries
SJT: San Juan Trust -- did anyone see this?
- SJT more than doubled its "dividend" month-over-month; from 11 cents to 25 cents:
- SJT more than tripled its "dividend" year-over-year; from 8 cents to 25 cents:
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US Crude Oil In Storage: Days of Supply
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