EIA's weekly petroleum report, link here:
- US crude oil in storage increased by another whopping 7.6 million bbls; at 479.0 million bbls, US crude oil in storage is 9% greater than the five-year average
- and folks are worried about re-supplying the SPR -- oh, give me a break
- imports: increased by a very, very small amount, but the four-week average is still 3.1% greater than the four-week average a year ago;
- refiners are operating at 85.9% of their capacity; sticking to their pledge to cut back on refining (now, why would they do that?)
- distillate fuel inventories increased by 2.7 million bbls -- good -- going into the planting season -- and are still an incredible 12% below the five-year average; it’s going to be a bumper crop for farmers this summer; cau you spell Deere?
- jet fuel supplied was up only 0.6% compared with the same four-week period a year ago -- I have no idea what this means with regard to the economy
Bottom line: are refiners making a huge amount of money?
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