YTD commercial crude inventories are up ~42.7m bbls, while big 4 products are down
$WTI Crude Oil - main 2308(CLmain)$ $Micro WTI Crude Oil - main 2308(MCLmain)$ $Brent Last Day Financial - main 2308(BZmain)$ $E-mini Crude Oil - main 2308(QMmain)$
Crude oil, gasoline, and jet fuel stocks change two weeks into the driving season.
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YTD (through 24 weeks) crude oil demand/supply breakdown compared to previous years.
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A slightly bullish report but nothing to be excited about. YTD commercial crude inventories are up ~42.7m bbls, while big 4 products are down ~ 2.7m bbls.
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How most think it's a demand problem when it is clearly a supply problem. The implied product demand for the week ending June 16/2023 hit the highest level of the year, driven by a big jump in demand for gasoline, jet fuel, and distillates.
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Commercial Crude and Big 4 products are now up ~ 40m bbls through 24 weeks into 2023. They are ~26.3m bbls higher than the 5yr average (~13.8m bbls build) and ~ 76.4m bbls higher than in 2022 (~36.4m bbls draw).
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