Weekly EIA Petroleum Report -- June 22, 2023

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.