Data per the EIA weekly report.
Crude stocks fell a whopping -17M barrels, from last week, and is -2.8% 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 +1.1% above normal.
Distillates inventory slid -796K barrels; and Gasoline inventories increased about +1.5M barrels. Distillates (-14.2%,-3.4%) and Gasoline (-5.3%, -3.3%) are both below 5 year and 3 year adjusted average inventories.
The SPR has remained stable for 3 weeks.
WTI is $79.45, compared to $78.94 (+06%), one week ago, and $89.74, one year ago(-9.9%).
Refinery output improved on a weekly basis, and has edged above year ago levels
For anyone interested, the U.S. has exported 793M barrels of crude and petroleum products, more than imported, since March 1, 2022. It jumped nearly 22.0M barrels this past week.
Overall, crude stocks remain somewhat healthy, compared to this time last year, with days supply at 26.6, to last year's 26.3 days.
Is it a rinse and repeat of April? At that time, the crude prices jumped and many reasons were given... yet prices fell back. This time the same reasons were given for the rise, but the prices are slipping.
How much is hype and how much is real?
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