Focus On Fracking — May 28, 2023

Locator: 44790FRACKING.

Link.

From the link, the lede:

• largest draw from US oil supplies in 80 months;
• lowest May gasoline supplies since 2014; 
• distillates supplies at 1 year low 
• Strategic Petroleum Reserve at a new 39½ year low after largest draw from US oil supplies since Labor Day 2016, 

US oil prices finished higher for a second week following 4 straight weekly declines, on a big jump in gasoline demand and on the largest drawdown of commercial oil supplies since Thanksgiving…

... after rising 2.1% to $71.55 per barrel last week on hopes for a debt ceiling deal as Canadian oil supplies were reduced by widespread wildfires, the contract price for the benchmark US light sweet crude for June delivery fell 1% in Asian trading early Monday as continuing uncertainty about the safety of US public debt led oil traders to avoid risks, but rebounded Monday morning in New York after US House Speaker McCarthy said debt ceiling negotiations had been productive, and settled 44 cents higher at $71.99 a barrel as traders balanced concerns over supply disruptions in Canada and Iraq against the potential risk of U.S. defaulting on its debt, as trading in the June oil contract expired…