Weekly EIA Petroleum Report -- February 15, 2023

Weekly EIA petroleum report, link here:

• US crude oil in storage: a whopping 8% above the five-year average;
• US crude oil in storage increased by a staggering 16.3 million bbls;
• on top of that, the US imported almost 4% more crude oil over the past four weeks than a year ago;
• refiners have stepped way back, working at only 86.5% of their capacity; gee -- do you think there's a relationship between refining and crude oil in storage?
• distillate fuel inventories decreased by 13 million bbls last week and are back to 15% below their five-year average;
• finally, jet fuel product was up 5.7% compared with same four-week period last year.

So, why is gasoline still so expensive?