The EIA released the latest weekly report, and there is a continuing sliver of demand destruction. The numbers do seem to suggest it, although the day's supply of 24.3 from last week slipped to 24.2 on this week's report.
Gasoline Inventories slid -1.172M barrels from last week. That limited loss in day's supply was in spite of a healthy 3+MBbls of export more than import. Yet the prices continue to slip.
The market for gasoline is still declining, and looks to continue with this report. According the the AAA, the national average has slipped 4¢ from last week, and my guess... there is room for another 40¢, although weather may become an obstacle at this point.
Speaking of weather, the models aren't showing anything of T.S. variety hitting the U.S. East or Gulf Coasts in the next couple of weeks. Keeping fingers crossed.
Crude stocks fell 3.3M BBLS from last week and exports of crude and petroleum products outpaced imports by 14.4M BBLS. WTI is down about $5 from last week. Basically, back to where it was 2 weeks ago.
Diesel fuel continues to edge up, as the national inventory is -18% from year ago levels.
 |
| Click to Enlarge |
The situation is indeed dire on the East Coast, especially in New England, as well as the Central Atlantic. As I have stated elsewhere, much of this blame can be laid at the feet of certain folks in a place called Albany. Granted, future issues could be alleviated by Congress repealing the Jones Act... but fixing stupid is a whole other ballgame, imo.
 |
| Click to Enlarge |
In summation, we have inventories falling, gasoline prices falling, Russia shutting Nordstream for a few days, and European and U.K. natural gas prices falling. Clearly, I do not have a handle on any of this... to understand the whys!
End of the month, and time to take a bit of a break... or maybe not!
No comments:
Post a Comment