Weekly Petroleum Report -- There's Still So Much Oil Sloshing Around -- August 30, 2023

Locator: 45504B.

Hurricane: WTI has given back all its gains from overnight. With regard to oil sector, this hurricane was a nothing burger but Weather Channel certainly got mileage out of it.

Earlier today, the WPR was released. The huge draw was due to refiners stocking their storage tanks in anticipation of a possible hit on oil deliveries following the storm.

Link here.

• huge draw; five times what was expected; crude oil in storage declined by a whopping 10.6 million bbls; at 422.9 million bbls, US crude oil in storage is only 3% below the five-year average; the market is unconcerned;
• imports averaged 6.6 million bbls last week; decreased by 316,0000 bpd but still 12.1% more than the same four-week period last year
• refiners operating at 93.3% of their capacity
• distillate inventories increased by 1.2 million bbls but still remain 15% below the five-year average; again, nothing about which to be alarmed;
• jet fuel supplied was up 0.8% compared with same four-week period last year.