Title : US Crude Oil Inventories Jump -- Not Much -- But Huge Implications -- April 25, 2018
link : US Crude Oil Inventories Jump -- Not Much -- But Huge Implications -- April 25, 2018
US Crude Oil Inventories Jump -- Not Much -- But Huge Implications -- April 25, 2018
EIA's weekly petroleum report:- moderate increase but huge implications: US crude oil inventories increased by even more than API data suggested -- increased by 2.2 million bbls
- US crude oil inventories now at 429.7 million bbls
- for newbies: old baseline - 350 million bbls; new baseline -- 400 million bbls
- refinery operating capacity dropped significantly: now down to 90.8%; for me, anything less than 93% is noteworthy
- going into the driving season, gasoline production decreased but still essentially unchanged at 10 mill million b/d; same with distillate fuel production at 5 million b/d
- overall, not much as changed, but US crude oil inventories continue to increase, and the Permian surge is yet to show itself
Gasoline demand graph will be posted later. This is what it looked like up to last week:
- blue line: 4-week average, now
- red line: 4-week average, last year
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