33 weeks into the year:
-Commercial crude oil inventories are up ~3.8m bbls
-SPR inventories are down ~ 140.7m bbls
-Gasoline inventories are down ~17.1m bbls
-Distillates are down ~13.7m bbls
-Jet Fuel inventories are up ~4.7m bbls
-Propane is up ~2.3m bbls
1.Considering the all-time high SPR draw, lower refinery throughput, and ~3.3m commercial crude draw is bullish, though exports were still high and imports were quite low.
2.-Propane flat (Bullish)
-Distillates drew (Very bullish)
-Gasoline flat (Bearish)
-Jet Fuel drew (Neutral)
3.Another horrendous gasoline demand report. EIA$Eaton Vance California Municipal Bond Fund II(EIA)$ has been all over the place with these reports for the last few months. Anyways total product demand also dipped quite significantly for the week ending August 19/22.
If product demand is so bad why all the deficits is what I wonder? Huge draw, lower 48 down, imports still high, SPR still draining at a steady clip. This was a VERY bullish report IMO.
https://twitter.com/Gugo907/status/1562452077154279424
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