Data per the EIA weekly report.
Crude stocks slid another -6.1M barrels, from last week, and is -2.5% 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 +1.4% above normal.
Distillates inventory rose +945K barrels; and Gasoline inventories rose about +1.4M barrels. Distillates (-14.5%,-3.9%) and Gasoline (-3.7%, -1.9%) are both below 5 year and 3 year adjusted average inventories.
The SPR increased 600K barrels this past week. This is the 3rd straight week for increases, which are the first since January, 2021.
WTI is $78.96, compared to $79.26 (-0.4%), one week ago, and $94.40, one year ago (-16.4%).
Refinery output edged upward on a weekly basis, and is slightly above above year ago levels
For anyone interested, the U.S. has exported 818.1M barrels of crude and petroleum products, more than imported, since March 1, 2022. It jumped +10.5M barrels this past week. (Distillates account for approximately 73%.
Overall, crude stocks remain somewhat healthy, compared to this time last year, with days supply at 26.0, to last year's 25.9 days.
Oddly in mid March, certain factors were quoted as the reason for runup in Crude prices, into Mid April. In early July, the same factors were quoted and as a reason for runup in Crude prices... until 2 weeks ago.
It may well be, that some of those factors will come into play. Be wary of the track record, imho.
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