Data per the EIA weekly report.
Crude stocks fell- 452K barrels, from last week, and remains down -3.3% 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 +1.2% above normal.
Distillates inventory surged +5.1M barresl; and Gasoline inventories climbed +2.7M barrels barrels. The SPR fell another -1.867M barrels.
WTI is $72.56, compared to $70.02, one week ago, and $114.54, one year ago. (It began the big slide from there).
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 688.7M barrels of crude and petroleum products, more than imported, since March 1, 2022. There was only a slight bump this week.
Overall, crude stocks remain quite healthy, despite the major drop and compared to this time last year, with days supply at 28.3, compared to last year's 25.3 days.
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