Data per the EIA weekly report.
Crude stocks rose dramatically by 7.9M barrels, from last week, and remains down -1.6% 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 +2.4% above normal.
Distillates inventory surged +2.1M barresl; and Gasoline inventories climbed +1.2M barrels barrels. The SPR fell another -1.882M barrels.
WTI is $68.76, compared to $72.56, one week ago, and $110.75, 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 697.2 M barrels of crude and petroleum products, more than imported, since March 1, 2022. It jumped 8.5M barrels this past week.
Overall, crude stocks remain quite healthy, compared to this time last year, with days supply at 28.5, compared to last year's 25.8 days.
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