Weekly EIA Petroleum Report -- Great Report; WTI Jumps Second Day In A Row; Gains 2% Today; Gasoline Demand Breaks 9.1 Million Bbls Per Day -- April 12. 2023

Locator: 44375B. 

EIA weekly petroleum report: link here:

• US crude oil in commercial storage increased by 0.6 million bbls
• recall that there was an SPR release last week of over one million bbls
• US crude oil in storage is 3% above the five-year average, at 470.5 million bbls
• at 6.2 million bops, imports were down almost one million bopd
• refiners are operating at 89.3% of their capacity
• distillate fuel inventories deceased by 0.6 million bbls last week
• distillate fuel in storage is 11% below the five-year average
• jet fuel supplied was up 1.5% 

Following the report, WTI jumped another $1.06 today after a jump yesterday and is now trading at $82.59.

Wow, talk about a great report, and a great response for WTI.

Gasoline demand, link here:

We're still in a "Goldilocks" economy.

China needs coal and lots of it as it converts from a crude-oil-sourced-ICE economy, to a coal-sourced EV economy.