We have to go back to 1984 to find SPR inventory levels this low
“Davidson” submits:
- Total US Crude rises 0.3mil BBL(rise in working inv of 3.9mil & decline of 3.6mil SPR), US Crude Production rises 0.2mil to 12,1mil BBL/Day, US Imports rise 0.6mil BBL/Day(4.2mil BBL/Week), Fudge factor of 1.1mil BBL/Day(7.7mil BBL/Week)
- US Gasoline Inv decline 1mil BBL, Jet Fuel and Diesel Inv hold steady as US Exports of Refined Prod hold at the lower level for several weeks
Net/net US inventories at all levels continue to decline with crude production holding near 12mil BBL/Day and refining inputs remaining well below pre=COVID levels. Gasoline inventories have spiked lower with the fall maintenance period, but it should be noted current levels match those of 2008.
