RE:US Oil ReportRoscoe747 wrote: Crude up 1.6 mmb, gasoline down, diesel down (total products -2.1 mmb) refinery utilisation stuck at 88%. No problem now as this report plays into the banking/inflation/interest rates narrative but refinery utilisation is behind the summer demand curve.
There is still time to stockpile product but perhaps the delayed turnaround maintenance from extended refinery runs due to high margins is more extensive than anticipated. Supply chain delays and skills shortages endemic in the industry may also be causing grief.
All in all, any precipitous demand spikes will cause a product supply tightening that will impact prices. Time is on the side of the bulls.
March 22/23
Crude up 1.1 mmbbl, gas, diesel down (total products -10.4 mmbbl), refinery utilisation up a tad to 88.6%
The trend is still down with jet fuel use up 6%11111111