Another weekly EIA report.
Crude stocks fell another -5.1 M barrels, from last week; Distillates increased another +6.1M Barrels; and Gasoline increased +5.2M barrels.
SPR slipped -2M barrels since last week's estimate, but the Crude, Petroleum, Petroleum Products + SPR gained 4M barrels.
Refining continues at a high rate of efficiency, as the inventory gasoline, distillates, etc. continued to grow. Even in spite of continued high exports of gasoline. Gasoline consumption slipped -7.8% from year ago levels on the 4 week average and -1.8% from previous week's average.
The national average for gasoline has slid -4.0% from last week and +1.5% above same time last year, which mirrors WTI crude from one year ago.
Last week, I commented about my doubt of pump prices falling to the $3 level by Christmas. I was wrong and am happy about that incorrectness. I can now see it in the $2.95 nationally. The why is surprising to me, with consumption falling as fast as it is. Not sure what to make of that.
Of course, my glass is half empty mindset, leads me to think bad thoughts. Best I can do, is hope for the best, but prepare for the worst.
Distillates and Diesel...
While there was some improvement, certain areas, such as New England... is not fully whole. No doubt the reason for this is being politicized, I am a bit wary of the motivations of behind the scenes actors... in regards to all this. Basically, A truth is not the same as the whole truth. A fact is not the same... as all the facts.
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