Any disruption at this point will lead to significantly higher prices for oil…
“Davidson” submits:
- US Crude Production declines 0.1mil to 11.9mil BBL/Day, Total US Crude Inv rises 2.1mil BBL(working inv rise of 9.9mil and 7.7mil decline in SPR) on a surge in imports of 1.8mil BBL/Day(12.6mil BBL/Week), Fudge factor 0.9mil BBL/Day(4.9mil BBL/Week)
- US Gasoline Inv rises 2.mil BBL, Jet Fuel and Diesel Inv decline as US Exports of Refined Prod continue to rise. Refinery Input fell 0.3mil BBL/Day
US reliance on imports offset the decline in Total Crude Inv in this report. Refined Product Exports continue to climb. A stall in the Baker Hughes Rig count for several months may be responsible for the decline in US Crude Production.