This Week in Petroleum Summary January 4th, 2024 per EIA.GOV

This week's full report.

Consumption slid, although not sure if a downward trend is developing. Last year's data would indicate a downward direction for a couple more weeks. 

Pricing seems to be at a plateau, with very small movements in either direction.

The overall picture...

While crude inventories slipped (-5.5M barrels) from last week, the Gasoline and Distillate inventories rose by 10M barrels each. Even the SPR increased by 1M barrels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.

All is well, until things become unwell! 

That's my story, and I am sticking to it!