Oil Situatiion

 

“Davidson” submits:

US Oil Production rose by 70,000 BBL/DAY

Imports rose to new high of 9.37mil BBL/DAY

Total US Production+ Imports rose to 18.35mil BBL/DAY(historical high)

Refinery Inputs fell sharply to 15.8mil BBL/DAY down sharply from early Jan level 17.1mil BBL/DAY-likely due to seasonal maintenance

Crude Inventories rose by 13.9mil BBL

Wkly Ending Gasoline Stocks remain high

Exports of Refined Petroleum Products rose by 640,000 BBL/DAY in a rising trend

Net/net, this is the seasonal shutdown period with inventories rising in response. Important to note is the persistent rise in Exports of Refined Petroleum Products which supports viewing this as due to demand from a growing global economy. Rising trends are seen throughout multiple economic indicators.




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