Today's EIA.gov report.
Crude stocks soared, up +16.2M barrels, from last week; Distillates slipped -1.2M Barrels; and Gasoline up +2.3M barrels.
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WTI at $79.23, compared to $78.47, one week ago, and $89.81 a year ago.
Refinery output slightly increased on this report, but still slightly below one year ago levels.
For anyone interested, the U.S. has exported 470M barrels of crude and petroleum products, more than imported, since March 1, 2022. After two weeks of net imports, the margin is back to net export of +4.7M barrels.
Overall, crude stocks are quite healthy, compared to this time last year (3rd highest- 2016/2017), and the highest since June 4 2021.
The Administration has also indicated another release from the SPR, as mandated by law. The impact on gasoline prices would be slight, as refining is the bottleneck at this point... not supply of crude.
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