$WTI Crude Oil - main 2306(CLmain)$ $Micro WTI Crude Oil - main 2306(MCLmain)$ $E-mini Crude Oil - main 2306(QMmain)$
The implied product demand moved lower for the week ending May 12/2023, led by a big drop in both gasoline and jet fuel demand. There is just so much noise/volatility in weekly data right now.
YTD (through 19 weeks) crude oil demand/supply breakdown compared to previous years.
Commercial Crude and Big 4 products are now up ~ 20.6m bbls through 19 weeks into 2023. They are ~27.6m bbls higher than the 5yr average (~7m bbls draw) and 69.6m bbls higher than in 2022 (~49m bbls draw).
probably, one of the most bearish reports in recent weeks! YTD commercial crude inventories are up ~47m bbls, while big 4 products are down ~ 26.5m bbls.
Refinery throughput continues to move higher reaching ~16m bbls/d for the first time in 2023. Throughput should be consistently higher than in 2022 for the second half of the year.
Saudi Arabia's yearly crude oil exports to the US. Why do you think exports started dipping in 2017 and ever since?
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