Inventories: The draining continuesFrom Twitter:
US crude inventories fell by 6.990mb last week (commercial: -1.019mb; SPR: -5.971mb) EIA
EIA (wk ending 20 May)
Crude: -1.019M
Cushing: -1.061M
Gasoline: -0.482M
Distillates: 1.657M
Oil Inventory Quick Look WTI at $110.80 (up about $0.80) just prior to report Crude down 1.0 mm barrels (vs -1.5 exp) - SPR down 6 mm - throughput - 16.269 mm bopd, up > 0.3 mm bopd week to week, new high for 2022. - imports - down slightly week to week
- exports - big up, up 0.82 mm bopd week to week to 4.341 mm bopd - said before, will say again, SPR is going to get largely exported. This is one of the highest export levels on record. - L48 oil production - dipped 0.1 mm bopd week to week.
U.S. CRUDE STOCKS IN SPR LAST WEEK FELL TO ITS LOWEST SINCE SEPT 1987 - EIA
Can repeat this headline every week until the midterms