Data per the EIA weekly report.
Crude stocks fell by -708K barrels, from last week, yet remains down -0.8% 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 +3.2% above normal.
Distillates inventory edged up 13K barrels; and Gasoline inventories slid at about 1M barrels. Distillates (-13.9%,-3.5%) and Gasoline (-6.1%, -3.6%) are both below 5 year and 3 year adjusted average inventories.
The SPR halted the decline and actually increased 1K barrels.
WTI is $75.38, compared to $75.87, one week ago, and $96.88, one year ago.
Refinery output improved on a weekly basis, yet remains below year ago levels
For anyone interested, the U.S. has exported 754M barrels of crude and petroleum products, more than imported, since March 1, 2022. It jumped nearly 9.3M barrels this past week.
Overall, crude stocks remain quite healthy, compared to this time last year, with days supply at 27.9, to last year's 25.8 days.
I have read where the talk is about crude prices jumping up and it might happen. However, how much of it is wishful thinking by crude traders? It is more satisfying to buy low and sell high... in an ever rising market.
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