This week's EIA report.
Crude stocks went up +19.0M barrels, from last week; Distillates down -1.1M Barrels; and Gasoline up 4.1M barrels. The SPR slid another -800K barrels.
Consumption continues to drift lower on the four week average for gasoline.
Oddly, the refiner operating ratio slipped from 88.7% to 86.7%. There had been rumors of disruptions due to the winter storms, but those things are closely guarded secrets.
In any case, consumption has fallen for two consecutive weeks. It is -5.8% below this time last year. Again weather may have been a significant factor.
National pump prices, according to AAA, have fallen -1.8¢ from last week. Futures popped higher today, but who knows what will happen tomorrow.
I would suggest pump prices are nearing the bottom. A lot depends on whether there is a recession and how deep it is.
Distillates edged up in the New England area...
Remarkably, the New England data improved from last week but is still below last year and... historical norms.
This improvement may or may not continue, as we are still three weeks away from Punxsutawney Phil telling us if spring is over or not.
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