Data per the EIA weekly report.
Crude stocks slid -6.0M barrels, from last week, and is -2.3% below 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 +1.3% above normal.
Distillates inventory rose +296K barrels; and Gasoline inventories fell about -262K barrels. Distillates (-15.1%,-5.2%) and Gasoline (-5.0%, -2.6%) are both below 5 year and 3 year adjusted average inventories.
The SPR increased 600K barrels this past week. This follows last week's increase, which was the first real increase since early January, 2021.
WTI is $79.26, compared to $83.77 (-5.4%), one week ago, and $89.67, one year ago(-11.6%).
Refinery output edged upward on a weekly basis, and is slightly above above year ago levels
For anyone interested, the U.S. has exported 807.6M barrels of crude and petroleum products, more than imported, since March 1, 2022. It jumped +12.3M barrels this past week.
Overall, crude stocks remain somewhat healthy, compared to this time last year, with days supply at 26.5, to last year's 26.2 days.
Despite previous weeks concern about production cuts, it seems that China's lack of anticipated rebound... is becoming the dominant issue.
At least in the current news cycle.
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