- US crude oil in storage decreased by 1.7 million bbls; at 478.5 million bbls, the amount of crude oil in storage is 7% above the five-year average; tell me again why we're worried about the SPR?
- US crude oil in storage now out to 31.9 days, a "recent" record
- if "push comes to shove" the frackers can re-fill the SPR in weeks
- US crude oil imports: yawn.
- US refiners operated at 86.0% of their operable capacity.
- Distillate fuel inventories increased by 100,000 bbls last week; and remain 7% below the rive-year average;
- jet fuel supplied was up 2.1% compared to the same four-week period last year.
Gasoline demand, link here. It's getting better.
Compare the graph above with the graph of December 18, 2019, just weeks before Covid-19 lockdowns:
Notice: July, 2019, we peaked out at about 9.7 million bpd. We're closing in on that number once again, and it's only March, and EVs have made record inroads.
US crude oil, days off supply, link here:
- at 31.9 days, this is the four week in a row that number of days of crude oil in storage has increased.
- at 31.9 days, trending toward five weeks.
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