Locator: 46741EIA.
- US crude oil: at 447 million bbls, crude oil in storage in the US is 3% below the five-year average, and decreased by 1.5 million bbls w/w -- which is absolutely negligible and shouldn't affect price of oil;
- US imports of crude oil at 5.5 million bbls is with the ballpark of what crude oil imports are week after week; in fact, it's only a paltry 3% over same time period one year ago
- refiners have stepped up their activity and are now at 86.8% of capacity, but still way below what they could be if push-came-shove
- distillates are 7% below the five-year average which sounds bad but it's been so much worse in the recent past
- jet fuel product supplied was up 2% compared to last year -- but hardly noteworthy.
So, what's driving the price of oil? Ukraine has torched two Russian refineries. So ironic: if Biden's sanctions on Russia aren't working (LOL), Ukraine will do it themselves.
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