Data per the EIA weekly report.
Crude stocks rose +5.8M barrels, from last week, and is -1.9% 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 +1.4% above normal.
Distillates inventory slid -1.7M barrels; and Gasoline inventories fell about -2.7M barrels. Distillates (-15.2%,-4.4%) and Gasoline (-5.5%, -3.2%) are both below 5 year and 3 year adjusted average inventories.
The SPR increased 995K barrels this past week. The first real increase since early January, 2021.
WTI is $83.77, compared to $79.45 (+5.4%), one week ago, and $90.47, one year ago(-7.4%).
Refinery output remained steady on a weekly basis, and is slightly above above year ago levels
For anyone interested, the U.S. has exported 795.2M barrels of crude and petroleum products, more than imported, since March 1, 2022. It jumped 2.0M 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.
One noticeable shift in this week's report, was the rather dramatic drop... in crude exports. This may have just been a timing issue. That would account for about half of the crude inventory increase, as well as another near 1M barrel increase in SPR.
If it is a timing issue, then the expectation would be for a drop in crude inventory for next week, which may explain the rapid rise in WTI crude price today.
For some reason, there is concern about the future of crude inventories, and may be warranted, but historically... the inventory is well above average, both numerically and in days supply.
Puzzling!
No comments:
Post a Comment