Today's EIA.gov report.
Crude stocks dropped -1.3M 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 +2.8% above normal.
Distillates fell -1.2M Barrels; and Gasoline increased +1.7M barrels. The SPR fell another -2.0M barrels.
WTI has fallen to $68.41, compared to $74.32, one week ago, and $100.90, one year ago.
Refinery output edged up on a weekly basis, and edged above year ago levels.
For anyone interested, the U.S. has exported 643.3M barrels of crude and petroleum products, more than imported, since March 1, 2022. 12.8M barrels this past week. It could be stated that this is a result of SPR releases. However, as mentioned previously, the SPR release was just above 2M barrels
Overall, crude stocks remain quite healthy, compared to this time last year, with days supply at 29.5, 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.
That's a good thing, I think.
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