Weekly EIA Petroleum Report -- June 7, 2023

Locator: 44862WTI. 

Weekly EIA petroleum report. Link here.

• US crude oil in commercial storage decreased by 0.5 million bbls; now stands at 459.2 million bbls in storage; 2% below five-year average.
• but look at this: US refiners are operating at 95.8% of their operable capacity; what's going on? My hunch: jet fuel and diesel. Let's check:
• jet fuel delivered: down a whopping 5% -- so that's not it;
• diesel / distillate fuel: increased by 5.1 million bbls; inventories stand at 16% below average;
• crude oil imports: four-week average, up 3.7% but otherwise, unremarkable; I assume this is mostly heavy oil to "balance" what US refiners need;
• production for both gasoline and distillate fuel increased last week