Locator: 45560WTI.
Days of supply, crude oil: folks can fact check me at this site, but it appears we are at a "new record."
- US crude oil measured in terms of "days of supply" dropped to 25.0 days. We have not had a "24-handle" since 2019, before the Covid-19 lock down.
- $100-WTI? The trend needs to continue and approach 21 days.
- US pump prices -- gasoline -- hit highest seasonal level in a decade (see below)
WTI: despite this new data, WTI dropped in price today, now trading below $87 (1:20 p.m. CT, September 7, 2023).
Gasoline: link here.
Weekly EIA petroleum report: link here.
- US crude oil in storage decreased by a whopping 6.3 million bbls, and had literally no effect on price of WTI after the report came out; folks are obsessed with interest rates and the recession which has been predicted for the past two years;
- oil trading below $88, though some analysts predict spike in price of oil sooner or later;
- US crude oil in storage now stands at 416.6 million bbls, 4% below the five-year average -- which means there's still so much oil sloshing around ...
- Saudi Arabia knows that (excess oil sloshing around) and will extend their production cuts through the rest of the year;
- the US imported 9.7% more oil than usual, suggesting the refiners have too much US light shale oil and need heavier oil from other sources;
- speaking of which, refiners are operating at 93.1% of their refining capacity
- jet fuel supplied was up 3.2% but other than that the rest of the numbers were pretty much n line with previous reports and expectations;
News: Biden administration cancels several Alaskan oil permits that former president had approved.
Gasoline demand, link here:
total US oil supplies, including SPR, have been hitting new 38 year lows for several weeks now...i don't see that being reported anywhere..
ReplyDeleteI think analysts / writers are more obsessed with soft landing, recession, Jay Powell and the Fed, then oil in storage. Meanwhile WTI climbs higher, not being noticed by most.
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