Weekly EIA Petroleum Report -- Always A Surprise -- August 16, 2023

Locator: 45479OIL.

WTI at $80.76.

Link here:

• US crude oil in storage declined by a respectable 6.0 million bbls and supplies are now 1% below the five -year average.
• US crude oil imports, 7.2 million bpd last week; four-week average, 6.7 million bpd
• US refiners operating at 94.7% of their capacity; pedal to the metal
• distillates increased very, very slightly; still 16% below the five-year average
• jet fuel supplied was up a respectable 4.6%

WTI: $80.72.

US implied oil demand rose by almost one million bpd last week (actual: 936,000 bpd)

• implied demand stands at 21.773 million bpd; round numbers, 22 million bopd
• the US is producing about12.5 million bopd?

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Saudi Arabia's Exports -- At 21-Month Low

Link here.

Exports: just 6.80 million bopd -- and prices not high enough to meet budgetary requirements.