Diesel and Gasoline, Nov. 23, 2022

 Another round of data from the EIA.gov...

Crude Inventories slipped -3.7M barrels, with distillates up +1.7M barrels and gasoline up +3.0M barrels. Prices did slip in all categories the past week.

Consumption slipped as well, after moving up two weeks straight.

Even distillate stocks edged up in all areas, except the left, er... west coast.

A lot seems to be hinging on December the 5th, and price caps. Not sure how that will work, or if it will work. It seems, it was telegraphed too far in advance and the opponent has been preparing a counter.

There is still 390.5M barrels of crude in the SPR, down -257.6M barrels from two years ago, or -39.7%. 

Of course, how much of that 390.5M barrels remaining is usable... is not fully known. It is stored in salt caverns and there will be some spoilage.