Locator: 44826WTI.
- crude oil
- a whopping decrease of 9.6 million bbls
- inventory: 453.7 million bbls
- 1% below average
- imports: yawn
- refiners: 92.2%
- distillate fuel inventories
- up marginally
- 14% below five-year average
- airlines: up a whopping 9.6%
- And how did WTI respond?
- up $1.51 but it took awhile for the market to move:
- JPow's remarks unhelpful
- $69.13
It's hard to believe that we're in a mild recession (quoting Charlie Munger) when there's a draw of 10 million bbls of oil (and an SPR release of another million bbls) and the airlines jet fuel increased by 9.6% y/y, but whatever.
By the way, JPow still blames the current rate of inflation, currently running about 5%, on too many people working. Seriously. The story will be posted later. But let that sink in. Too many Americans working. That's the complaint.
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