Every chart says the exact same thing….oil is going higher. We are getting to “concerning” inventory levels now. the SPR has literally fallen off a cliff, gasoline stocks are in a downward trend when they should be going higher and diesel is also in short supply. Total US inventory including the SPR is down to 2003 levels…
“Davidson” submits:
- US Crude Production rises 0.1mil to 12mil BBL/Day, Total US US Crude Inventories decline 5.9mil BBL(working inv rose 2mil BBL as SPR declined 7.7mil BBL), US Crude Imports declined 0.7mil BBL(4.9mil BBL/Week), Fudge factor of a positive 0.238mil BBL/Day or 1.67mil BBL/Week
- US Refining Inputs unchanged but more Diesel and Jet Fuel produced causing a rise in their inventories. US Exports of Refined Products rose as did US Consumption
The general pattern continues one of falling inventories and under supply vs rising demand. This week saw a rise in Diesel and Jet Fuel which headlines last few weeks indicated empty tanks nationwide. There is a rise in Refined Petroleum Products indicating that global recovery continues.
