Weekly EIA Petroleum Report -- June 28, 2023

Locator: 44826WTI.

Link here.

• 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.