Today's EIA.gov report.
Crude stocks dropped a whopping -5.0M barrels, from last week, and pulled it down -2.6% from the 5 year seasonal average. It should be noted the 5 year average includes the abnormal 2020 and 2021 number. Otherwise, the current inventory is nearly +2.7% above normal.
Distillates fell -577K Barrels; and Gasoline fell -2.4M barrels. The SPR fell another -1.0M barrels.
WTI has fallen to $74.32, compared to $79.31, one week ago, and $100.41, one year ago. OPEC + did announce substantial output cuts, but the when, where and who, remains to be seen.
I am still suspicious, which is basically me not being able to make sense of the price drop. It's almost as if someone, somewhere is not actually cutting output, or at least not in the near term.
Refinery output edged up on a weekly basis, and very near year ago levels.
For anyone interested, the U.S. has exported 621.5M barrels of crude and petroleum products, more than imported, since March 1, 2022. 11.8M barrels this past week. It could be stated that this is a result of SPR releases. Since that date, the releases have been 213M barrels, so that is about 1/3 of the reason.
Overall, crude stocks remain quite healthy, compared to this time last year, with days supply at 29.3, compared to last year's 26.4 days.
While crude inventories remain in decent shape, the refining part of the equation is still lagging, compared to one year ago. Yet pump prices are edging downward.
More later.
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