Week Ending October 18, 2019I am amazed that people (including media) aren’t talking about the folllowing stats. Until a couple of weeks ago Oil Inventories were multiple percentage points below the 5 year average. Look at Distillate Inventory levels...
“U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.7 million barrels from the previous week. At 433.2 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories decreased by 3.1 million barrels last week and are about 2% above the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 2.7 million barrels last week and are about 12% below the five year average for this time of year.”