Crude stocks dropped rather dramatically -12.4M barrels, from last week, and remains down -4.0% 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 +1.0% above normal.
Distillates slid -500K; and Gasoline inventories slid -2.0M barrels. The SPR fell another -1.6M barrels.
WTI is rising at $74.19, compared to $72.74, one week ago, and $106.82, one year ago.
Refinery output continues to edge up on a weekly basis, as well as above year ago levels.
For anyone interested, the U.S. has exported 674.8M barrels of crude and petroleum products, more than imported, since March 1, 2022. For reference, since September 21, 2018, the import/export situation is at balance.
Overall, crude stocks remain quite healthy, despite the major drop and compared to this time last year, with days supply at 28.7, compared to last year's 26.5 days.
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