Locator: 45009WTI.
Weekly EIA petroleum report:
- US crude oil inventories decreased by a remarkable 3.8 million bbls and yet the price of WTI fell significantly after the report:
- US crude oil inventories, at 463.3 million bbls, are at the country's five-year average, which is concerning considering two of these past five years were greatly "negatively" impacted by a global economy shutdown;
- refiners are having trouble keeping up despite operating at 93.1% of capacity;
- gasoline production decreased last week, despite nice profit margins for refiners
- distillate production did increase (good news) but distillate inventories barely budged and remain 14% below the five-year average -- explains why price of diesel is near that of gasoline;
- propane inventories: at an unbelievable 27% above the five-year average but who cares, until harvesting, which will begin soon in the south, followed later in the midwest;
- airlines, one bright spot: jet fuel product supplied was up 3.1% compared with same foour-week period last year.
WTI:
- drops 4.3% after the report (JPow is scaring investors; any means necessary to bring down inflation)
- drops $3.12 / bbls (holy mackerel; is anyone paying attention?)
- now below $70; at $69.41
Saudi Arabia: in a panic.
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