Today's EIA.gov report.
Crude stocks dropped, -3.8M barrels, from last week, although still at +3.5% above the 5 year seasonal average; Distillates fell -3.6M Barrels; and Gasoline slid another -4.1M barrels. The SPR fell -404K barrels, ending a 10 week pause.
WTI has risen to $80.54, compared to $72.71, one week ago, and $100.68 a year ago. OPEC + did announce substantial output cuts, but the when, where and who, remains to be seen. The price jump was basically an expectation of China's economy regaining footing.
Refinery output edged up on a weekly basis, but still below one year ago levels. I would make an assumption that the lag is due to refinery maintenance.
For anyone interested, the U.S. has exported 590.5M barrels of crude and petroleum products, more than imported, since March 1, 2022. 14.8M barrels this past week.
Overall, crude stocks remain quite healthy, compared to this time last year, with days supply at 30.2, compared to last year's 26.0 days.
While crude inventories remain in decent shape, the refining part of the equation is lagging. More on that as soon as I can run the numbers.
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