Locator: 452945INV.
I guess the movers and shakers decided this week would be the week.
I guess this is the Great Sell-Off everyone was predicting, and the recession will officially commence next week.
To be clear: there will be a recession.
Link here. A must-read.
A great, great buying opportunity.
Weekly EIA petroleum report, link here:
- US crude oil in storage decreased by an amount not seen in over forty years: 17 million bbls.
- so, what did the price of oil do? It dropped 2%, and fell below $80.
- US crude oil in storage is now a whopping one percent below the five-year average, and, of course, the Biden administration drained the SPR last year for political reasons and has no intention of refilling it, and what did the price of oil do? It dropped 2%, and fell below $80.
Tell me again, the SPR is important to the price of gasoline and/or the price of oil. LOL.
I thought crude oil inventories would correlate -- directly -- with the price of oil but that's apparently not true either.
The EIA data is unlikely to be inaccurate or an error: the API said the same thing yesterday, reporting a 15-million-bbl draw.
Expectations: a 900,000-bbl draw.
How could analysts be so far off.
And has there been any explanation for a 15-million-bbl draw. Where did all that oil go? Or was it never produced in the first place?
Refiners were operating at 92.7% of their capacity, pretty much "petal to the metal," but not quite.
US crude imports, yawn, but if you need to know, down about 2.3% y/y. Usually the number comes in around 1%.
Gasoline inventories increased slightly but are still 6% below the five-year average.
Distillate fuel decreased slightly and remain 15% below the five-year average.
This is the biggie: after a flat week in the last report, this week's report suggested that jet fuel supplied was up a fairly amazing 7%.
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The Granddaughters Visiting Kentucky
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