Oil Market is Much Tighter than it AppearsOil demand is as strong as ever. Refinery utilization is 93.1%, higher refinery utilization should kick in over the coming weeks.
Today’s oil build was 4.5 million boe/day.
U.S. crude oil imports averaged 7.2 million barrels per day last week, increased by 1,367 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day.
USA imported 9.569 more boe in the last week, compared to the week before that.
The SPR also released 360,000 boe/day or 2.520 million boe for the week.
So, between increased imports and SPR releases the 12 million boe of supply was added, and they only had a 4.5 million boe/day build.
The USA SPR release are scheduled to end on June 30.
IMHO