Locator: 44419B.
Weekly EIA petroleum report, link here.
- US commercial crude oil inventories decreased by a whopping 4.6 million bbls;
- at 466.0 million bbls, US crude oil inventories are 2% above the five-year average which includes an outlier year, 2020, and possibly another outlier year, 2021; maybe one can do the seven-year average "minus" years 2020 and 2021
- when I do the math, I get about 3.6% -- US commercial crude oil inventories are about 3.6% above the five-year average excluding the outlier years, 2020 and 2021
- I often make simple arithmetic errors, and, it also depends on what month of the years we're talking about
- from my perspective, oil inventories are in excellent shape for the consumer based on historical norms
- the US supply measured in days of supply is, for me, a better metric, and that metric suggests anything but bullish for "long oil" investors; last week it was 30.2 days; most recent data 29.7.
- US crude oil imports: yawn
- US crude oil refiners operating at 91.0% of their operable capacity; a notable increase over the past several months; gearing up for summer driving season;
- distillate fuel inventories decreased by 0.4 million bbls; distillates fuel inventories now 11% below the five-year average, and it would have been even worse if two outlier years (2020 and 2021) were not part of the average;
- jet fuel product supplied was up 5.4% y/y
- WTI: following the release of the weekly report, WTI was down 1.6%; down $1.27; trading at $79.59.
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